Make your culture too good to leave
Some overarching policies and programs will impact everyone at your company, regardless of what team they’re on. Pay attention to benefits, compensation, and other areas to make an employee’s life easier and help keep them satisfied. Mental health programs, diversity and inclusion initiatives, and social connections can go a long way to making your company the sort of place people want to stick around.
Promote healthy work-life balance
When employees feel a greater sense of control and ownership over their own lives, they tend to have better relationships with management and can leave work issues at work and home issues at home. Balanced employees tend to feel more motivated and less stressed out at work, increasing company productivity and reducing the number of conflicts among coworkers and management. Your company's reputation for encouraging work-life balance has become very attractive to workers and will draw a valuable pool of candidates for new job openings. You also tend to enjoy higher employee retention rates, which results in less time-consuming training, more loyalty, and a higher degree of in-house expertise. Employees who have a positive work-life balance do a better job at work, so promoting this balance is beneficial to individuals and the company. This is a practical guide for employers who want to promote a healthy work-life balance for their teams.
Make compensation competitive
Searching for talent in the Vietnam market can help you outmaneuver skyrocketing salaries, but it’s best to maintain perspective. To keep your talent around for the long haul, you’ll have to offer competitive pay and benefits concerning the locales you’re recruiting in. Like Engineers in many other countries, Engineers in Viet Nam list pay and benefits as the top two critical things to them in a role.
- Being competitive means being generous. Just because you’re operating in a competitive market that may not offer robust compensation packages the same way as your local market, it doesn’t mean you should skimp on salaries or benefits. In the long run, it will pay off to err on the side of more rather than less when it comes to paying and benefits.
- Salary isn’t everything. 60% of people report that benefits and perks are a major factor in staying at a job, and a whopping 80% say they would choose additional benefits over a pay raise. After health insurance, employees place the highest value on benefits that are relatively low-cost to employers, such as flexible hours, more paid vacation time, and work-from-home options.
- Stay on top of payroll. This one might seem obvious, but paying remote employees takes extra time and effort. International payroll systems sometimes have lag times, and cross-border tax issues sometimes creep up.
Provide benefits that suit remote work
Remote work paves the way for companies to form meaningful bonds. Providing remote benefit packages that can make a true difference in a team member’s quality of life. And yet, nearly 29% of surveyed leaders lack a plan for replacing traditional in-office benefits or perks for remote employees. Though remote benefits are a new concept, it’s an area loaded with opportunities to provide value to employees, and in doing so, boost retention. Here are some remote benefits your company might want to offer:
- Health and wellness. Health and wellness benefits rank among the most important for employees, and a company should assess multiple benefits options that support mental and physical health. Consider offering virtual mental health counseling packages, home gym equipment delivery, or an online gym subscription.
- Home office, technology, productivity tools. Give engineers an annual budget for setting up a productivity-enhancing home office. It will show your employees you care about their workplace happiness and ability to focus and that you’re willing to put your money where your mouth is. Give employees a stipend for ergonomic furniture, office supplies, noise-canceling headphones, high-speed internet, and more.
- Home services, rent, and childcare. Many tech employees who previously commuted into large campuses are used to perks like daily lunches or even in-office childcare. Tailor benefits to keep employees focused during “office hours.” Consider covering a portion of employee rent or mortgage, providing a daycare stipend, or sponsoring lunch delivery.