Signing bonuses. Referral rewards. Free beer!
With the labor pool tightening in Minnesota, employers are looking for strategies to attract and retain good employees — from monetary rewards to morale boosters to yes, for IT start-ups, even beer on tap.
The causes of labor shortages vary. Some industries are simply growing quickly, such as information technology, health care, financial services and pretty much anything involving helping older people. Others are struggling to replace retiring employees.
But from an employee's perspective, a tight labor market allows them to be pickier or more demanding. Even people who like their current jobs may feel tempted to look around to see what else is out there.
That's what this year's Top Workplaces survey showed. The percentage of employees who said they had not considered searching for a better job within the past month dropped to 60 percent — down from 64.8 percent in 2014, to its lowest level in years. In other words, more people are looking out for new opportunities.
We talked to some companies in the survey that had the fewest employees considering a move — that is, the most people content to stay where they are. Clearly, these companies are doing something right.
"We have a mission statement and set of core values that are focused on people," said Michael Solberg, president and CEO of Bell Bank, whose Minnesota employees ranked it No. 1 on this question among midsize companies. "The financial industry is so focused on earnings and ratios, very numbers-driven. We figure if we get [the people] part of the equation right, the numbers take care of themselves."
We asked high-scoring employers what explains their success at keeping employees loyal. Here are some tips.