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3 Strategies for Colorado Business Owners to Retain Talent Cost-Effectively

Exploring cost-effective benefits and remote work options to keep your workforce motivated and productive.

Indiana Lee //June 3, 2024//

Employee retention strategy programme. Retain, motivate and train
Employee retention strategy programme. Retain, motivate and train

3 Strategies for Colorado Business Owners to Retain Talent Cost-Effectively

Exploring cost-effective benefits and remote work options to keep your workforce motivated and productive.

Indiana Lee //June 3, 2024//

Colorado’s small business landscape is competitive. According to the Colorado Chamber of Commerce, there are over 691,000 businesses in the state. While factors like marketing, quality products and services, and transparency are all crucial to success, the bottom line is that your business will only be as great as the people working for you. That’s why employee retention strategies are so important.

However, budget constraints can make retention challenging. Here’s how to expand your employee retention strategies and maintain a motivated, productive talent pool without breaking the bank.

READ: Navigating the ‘Big Stay’ — How Businesses Can Attract and Retain Top Talent Amidst Evolving Job Market Dynamics

1. Give better benefits

Even if you can’t offer higher salaries for existing employees, have you considered creating better benefits packages?

For starters, Colorado doesn’t mandate benefits like PTO, so offering it to your employees is a great way to attract and retain talent. It’s just one example of going above and beyond what’s required of your business to keep your team happy and improve your employee retention strategies.

Some of the most appealing benefits to employees include more PTO and better health insurance options.

Of course, many employees believe these are the “basics” of benefits and will expect them. Going the extra mile with more perks can make your team feel more appreciated. Don’t be afraid to get creative with what you offer your talent, including things like: 

  • Gym memberships.
  • 4-day workweeks.
  • Longer maternity leave.

How does offering better benefits make your business more money?

For starters, it’s much more cost-effective to retain your existing talent than to experience a high turnover rate. It can cost thousands of dollars to replace an employee with someone new. Keeping your team happy with the benefits they want, even if that means investing more time and resources into them, will save you money in the long run, and will likely motivate those employees to work harder and be more successful. 

READ: How to Engage and Win Today’s Top Candidates

Not sure what to offer? Take a look at some existing businesses in the state with unique benefits packages. For example, ad tech company Choozle offers a day off for employee birthdays, fertility benefits and a stipend for remote workers. Ibotta (based in Denver) has company-wide happy hours, team workouts and adoption assistance.

The sky is the limit when it comes to how you can help your employees, so take the time to learn what they really want. 

2. Offer remote options

Employees and business owners alike were quick to notice the benefits that come with working from home during the pandemic. 

Remote work can offer greater flexibility for employees, reducing stress and improving productivity.

From a business standpoint, allowing your team to work remotely when possible can save you money. You’ll save on rent and utilities if you can move to a smaller space, and your costs for things like cleaning services, security, office equipment, food and even taxes will come down. 

While remote work isn’t an option for all businesses, consider how you and your team might benefit from it.

Your employees can enjoy a better work-life balance and will be appreciative of the arrangement, making them more likely to stay on board with your business. It’s a great way to improve employee satisfaction while potentially saving money. Some of the top companies in the state offering remote options, such as Palantir and Granicus, give their employees greater flexibility when it comes to working from home, boosting satisfaction and productivity. 

READ: Adapting to the New Norm — Post-Pandemic Work Culture and the Future of Remote Work

3. Provide the necessary gear

Do your employees have everything they need to achieve success? Providing your team with the right gear can be an effective way to boost productivity and satisfaction without spending a lot of money. 

For example, if you do have people working from home, consider setting them up with: 

  • A laptop or desktop computer.
  • A printer.
  • Reliable WiFi.
  • Ergonomic furniture.

These small additions to their home office will keep them from having to buy their own equipment, and will ensure they’re able to get their job done as efficiently as possible. 

Company vehicles are another great option if you have employees who need to travel a lot. There are pros and cons to providing company cars, but don’t immediately dismiss the idea because of the cost. While a vehicle is an investment, it’s much more cost-effective than giving multiple employees significant raises. Plus, it keeps your team from having to put wear and tear on their own vehicles and potentially raise their insurance premiums. If you don’t have the funds for your own company cars, offer mileage reimbursement for your employees, and ask them to keep track of their miles so they can receive tax deductions for their work travels. 

You don’t have to go over budget to retain top talent. By fostering a workplace culture that makes your employees excited to be a part of your business and truly listening to what they want, you’re likely to not only keep your existing employees on board, but attract new and upcoming talent for years to come. 

 

Indiana Lee headshotIndiana Lee is a writer, reader, and jigsaw puzzle enthusiast from the Pacific Northwest. An expert on business operations, leadership, marketing, and lifestyle, you can connect with her on LinkedIn.

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