The Great Resignation was a difficult time for businesses, with many employees leaving their roles to pursue better opportunities. Although the situation is improving, retaining talented employees remains challenging, particularly in the competitive government contracting landscape.
Successfully retaining employees in this sector requires a carefully developed strategy with attractive federal contractor benefits.
Here is a look at how businesses can retain talent in government contracting.
Ensure Every Member of the Team is Treated Fairly
One of the most important ways to ensure employees feel valued is by treating them fairly. This can be complicated for businesses that work on multiple government contracts or a combination of private and government projects, as each team will work to different specifications. As a result, some employees may feel that they are not receiving the same treatment as others.
With 85% of employees saying in a poll that they would consider leaving their employer if they received an unfair review, it is important to ensure everyone feels equally valued.
Therefore, it can be helpful to set up a career path with every employee and offer in-house advancement and other opportunities for professional development to help them pursue their goals. Businesses should also review salaries and make sure they fit well in the organization’s salary structure.
Another area where a business may fall short is equal benefits. Suppose some employees are working in different cities, for example. In that case, it is important to make sure that they can access the same or equivalent benefits regardless of where they are working.
Ensure All Employees Feel Supported
One problem that can arise in a government contracting work environment is teams developing into silos that do not communicate well with one another. This can make it difficult to compare employees’ experiences and ensure that everyone feels they are being treated fairly.
Therefore, it can be helpful to have human resources serve as an intermediary to ensure every team member feels supported. Choose a point of contact for each employee so that everyone has someone specific to reach out to about their concerns.
In addition, regular meetings should be held between team leaders and human resources to address any concerns. In many cases, human resources professionals may not be experienced in working with government contractors, so it is useful to educate them on the specific stresses and challenges that employees face in government contracting.
Employee engagement is widely considered a strong indicator of satisfaction, which means that declining engagement is one of the first signs that employees may be considering looking for another role.
Tracking employee engagement among government contractor employees requires a different approach than traditional employees.
One-on-one meetings, whether they are held with managers or human resources representatives, can provide employees with an opportunity to talk about their experience and discuss any issues that need to be addressed so they can be remedied before they become dissatisfied.
In addition, surveys should be conducted occasionally to identify any growing retention issues and measure how specific aspects of the job are impacting engagement, such as remote working.
Suppose retention issues have reached the point where employees are leaving the business. In that case, exit interviews can provide valuable insight into the issues driving employees to resign.
Businesses may also consider conducting stay interviews to determine how settled employees are and whether there are areas where improvements can be made.
Offer a Competitive Federal Contractor Benefits Package
Offering health insurance and retirement plans is considered essential in most industries. Modern employers must think outside the box to retain valued employees in competitive spheres such as government contracting.
One way to stand out is by investing in the work-life balance of employees. This may mean offering additional health and wellness-related perks, such as extra personal days. Flexible work schedules are another coveted benefit as employees seek positions that allow them to stay on top of family and personal demands.
Whether this entails having employees work multiple shorter shifts or set their own hours, this creative approach can help retain employees. Consider offering a hybrid workplace in which employees can work remotely when appropriate.
Small changes can make a big difference, such as allowing employees to dress casually, offering a pet-friendly working environment, or treating the workforce to occasional lunch deliveries.
An effective compensation plan will meet the needs of federal contracting employees while demonstrating that their employer appreciates and values them as individuals.
Improve Employee Retention with Tailored Strategies from Business Benefits Group
The benefits consultants at Business Benefits Group (BBG) understand the nuances of government contracting and can help organizations devise and implement effective strategies for retaining top talent. Contact BBG today to schedule a consultation and learn more about improving employee retention with federal contractor benefits.