Employee Attraction and Retention Tools
We all know someone who loves or hates their workplace. Every day, thousands of workers quit one job only to rush to another one for any number of reasons. Let’s take a look at what companies are doing to attract and retain talent.
Most people think of money when they consider a new job. Questions often pondered are, “Will this increase in salary improve my living conditions,” or maybe, “Will this new salary be enough to support a move to the neighborhood I’m eyeing?”
Although salary is a huge draw, there are many other things that companies are using to lure the best talent. After a prospective employee is decided upon, the company will consider where that future employee is currently living. If he or she isn’t within an hour’s drive of the office, it’s time to consider a relocation package.
A good relocation package will pay for a percentage of closing costs on both the old home and the new one. It will often pay for movers, and if the employee needs to report onsite before his or her family can arrive, then the company may also pay for temporary housing.
In addition to these items, a company needs to consider the overall health and well-being of the employee. Paid time off, offering good medical insurance, dental and vision, short and long term disability plans, profit sharing and 401K plans should be part of each company’s benefits package.
Some companies are large enough to include a workout area in their plaza. Others may staff this area with health and fitness promotion workers who can offer suggestions for diet and workout programs in order to improve the health of the employees.
After the employee is acclimated to the new job, a challenge lies in trying to keep the employee happy at work. A good company recognizes that their workers are human and that things come up, such as having a child get sick or repairs needing to be done at home.
Flex time or telecommuting is a nice plus. Some employees can’t always be at the office from 8-5. If management can offer a small flex work or telecommuting schedule, the employee can still see to his or her personal needs without having to call in or take a personal vacation day.
Having a great relationship with an immediate supervisor and manager is key to an employee’s happiness. A good company will empower an employee to make certain business decisions up to a point. If a supervisor needs to have the final word, then it’s important that this person be accessible whenever needed. It’s also important that the supervisor supports the employee when dealing with other in-house departments and the public.
In addition, the best companies go a step further and reward employees who put forth their best efforts. If an annual bonus is offered, it is often based on performance review. A good company will hold weekly one-on-ones between supervisor and employee so that the employee understands how well he or she is doing in the position.
Besides an annual bonus, a company that focuses on employee retention may also have programs such as internal recognition or employee recognition day. These companies also realize that if it’s possible to promote within, then they should do so. Otherwise, their employees may feel that they’ve been overlooked and will want to head for another place where they will feel appreciated.
Finally, continuous improvement is another effective employee retention tool. A company may offer to pay a part or the entirety of classes at the college level that will aid a worker in his or her job. The company will also offer in-house training and some will even give workers a chance to take classes on-site or intern in other departments for a few weeks.
Changing jobs or keeping the one you have is always challenging. Everyone wants to make sure that he or she is getting the most value in exchange for his or her efforts. The best companies will recognize and respond to this and will go out of their way to promote employee retention. As a result, their bottom line looks great and their workers are happy, which creates a positive workplace.
Gaughan Companies is committed to building strong communities and creating good relationships within those communities. That includes our workplace. Our core values are honesty / integrity, priority focused / accountable, positive / solution-based, strong communication, and hardworking.
-Patrick Gaughan
Why Manufacturing Growth Affects Everyone
According to studies compiled by Markit Economics, U.S. manufacturing is down for the months of August and September. The recent news of Brexit and the fact that China has reached a slump in their economy is causing slower manufacturing and spending around the world. The U.S. is only at a two percent growth rate for the year.
Minimum wage earnings are down for Americans compared with where they were about fifteen years ago, and the hiring trends by companies have also slowed. If Americans can’t spend, the economy can’t grow.
Economists have estimated that the average age that it takes to double the standard of living for the average American is now up to about seventy years. This inability to change one’s circumstances within a short amount of time has led to the baby boomers not having enough to retire on, so a lot of them go back to work. However, due to their age, they are usually stuck in dead end jobs that pay very little.
Young people who would ordinarily be graduating college, then landing that first job, buying that first home, and starting their family, are now moving back into their parents’ basements in droves. If they are lucky enough to land a great job, they are not getting great offers that the grads of twenty years ago did. In addition, the Federal Reserve is starting to increase interest rates, which makes it harder to purchase homes and automobiles.
There are several things in development here in the U.S. that are also causing our economy to be sluggish in growth. It doesn’t help that the unrest and attacks overseas have caused Americans to think twice or pause for longer periods of time before booking long awaited vacations to foreign countries. So the travel and tourism industries are suffering. In turn, those countries that might ordinarily have great products or services to export, may be suffering from a lack of workers and facilities because of war and civil unrest.
It also doesn’t help that we are all waiting on the results of the Presidential Election. The fiscal policies, public investment and structural reform that the new President will put into place will greatly affect our economy and cause ripple effects around the world.
The U.S. manufacturing companies are watching all of this unfold around them. With the advancement of the ease of deliveries, many Americans are using their purchasing power to order from overseas companies who are marketing cheap products and sometimes lesser quality to Americans who want to get the most for their dollar.
This in turn affects local suppliers who have slowed in their production times because the orders are not coming in. Many of them prefer to make items in bulk quantities, so they are hesitant to fire up the assembly lines and employ workers who many not have much to work on. The U.S. manufacturers are also hesitant to have a lot of inventory laying around, especially those who work in food services, because they know there is a shelf life to their product. They don’t want to have it still sitting in their warehouse when it’s close to expiration.
The U.S. dollar is strong right now too, and even though some countries are catering to Americans, others can’t afford to. This lessens the global demand for U.S. goods and services. However, it is estimated that nearly half of all U.S exports go to countries that we have free trade agreements with. Also, when the U.S. plants do fire up their assembly lines, it is estimated that they use about thirty percent of the nation’s energy supply in order to run their operation. So, that is good for the energy industry.
No one knows what the answer is to get the world economy moving again. Several theories have been tried and discarded. The only thing that seems to make sense is for industry leaders to invest in better training for their employees, study the competition abroad, increase funding for STEM related fields, and find ways to make great products at affordable prices.
U.S. Bank Stadium Complete
Vikings fans unite in celebration of the completion of the U.S. Bank Stadium! On June 17th, 2016, Mortenson Construction was proud to announce that the stadium had been finalized six weeks prior to the scheduled completion date, and is now ready for business. The U.S. Bank Stadium boasts architectural beauty, as it was designed to reflect a modern day Vikings ship.
The grand opening ceremony is currently scheduled for July 22nd, 2016. The ceremony will be followed by a weekend long festival that will include fun festivities for the whole family!
We are proud to recognize this achievement as a historic milestone in the Twin Cities.
Stealth Train – A reality or fantasy?
In 2014, the North American High Speed Rail (NAHSR) had proposed a business plan for the privately funded 200 MPH Stealth Train, which would be built to expedite travel from the Twin Cities metro area to Rochester. The High Speed Rail (HSR) route is a proposed 77 mile track that is estimated to make the commute in 45 minutes.
The HSR will be fueled by clean electricity supplied by renewable sources such as wind, solar, geothermal, and ocean power. The HSR project is estimated to create more than 4,000 construction jobs, and will help alleviate the congestion on highways and runways. This would positively impact society by decreasing the amount of traffic fatalities caused along this route. This project would also boost economic activity due to a variety of factors that are estimated at $1.6 billion dollars per year.
Current theories on the actuality of the HSR coming to life in MN are met by opposition due to rural land owners in Minnesota, and conflicts of interest expressed by concerned MN citizens. There is also concern over the speculation that the train would be outsourced to China for their rail expertise, however no official statement has been released regarding this theory.
The statement from MN Transportation Commissioner, Charles Zelle, was optimistic as he commented, “The Governor’s observation is this will happen in someone’s lifetime in North America, why not here?”
The development of HSR should be an interesting topic as MN learns more about this project coming to life over the next two years.
Read more on the HSR at, (TCB) Twin Cities Business www.tcbmag.com
John Chirhart Moderates Annual Land Development Conference
On Friday May 6, 2016 The Minnesota Real Estate Journal held their 12th Annual Land Development Conference at the Golden Valley Country Club. Gaughan Companies’ John Chirhart was moderator for the Opportunities for Commercial Land Development section with a panel that included Brian Pankratz with CBRE, Tony Barranco from Ryan Companies, and Phil Cattanach of The Opus Group. Topics they covered in their discussion included:
- New Opportunities for development is happening in urban core right now
- What types of projects are in consideration for land development
- What are the challenges with land development vs. redevelopment
- Who is active in the market place and what is their risk tolerance and expected returns
- When or will there be a next big wave of land development or is it a thing of the past
Attendees were treated to a wide variety of topics moderated by industry professionals. Other topics in the Land Development Conference included Land Plan Optimization, “Hot” Legal Topics in Land Development, How to Effectively Work With Municipalities, and the Residential Home Builders Roundtable.
John Chirhart started his career in commercial real estate back in 2000 and has been with Gaughan Companies since 2009. During his time with Gaughan Companies, John has been involved in numerous land transactions including recently helping a client sell 157 acres in Lino Lakes to home builder Lennar. John, along with his business partner Lou Suski, have sold hundreds of acres of land in the past couple years and are currently listings hundreds of acres more for current clients throughout the metro and rural areas. If you own any land that you are interested in selling contact the Gaughan Companies Brokerage Department today at 651-464-5700 or contact them HERE.
There’s Magic in a Mission
When my leadership team and I were determining our Mission Statement, it was important to us that we not only convey what we do, but that we care about our clients.
Our Mission Statement is simple but not simplistic:
“We care for people’s real estate interests through Construction, Brokerage, Development, Management and Maintenance.”
Real estate is where life happens, where business is conducted or a family resides. We do not just care for the real estate, we care for the real people who occupy those places.
Our Mission Statement not only says what we do, but it keeps our team laser focused on our purpose and commitment to our clients, which is where the magic really happens!
In the article below my good friend and business colleague Chris Naylor talks about the importance of having a Mission Statement in her blog ‘There’s Magic in a Mission!’ I am confident that if you have not already found your mission this article will give you direction on where to start!
Patrick Gaughan
Gaughan Construction Completes Phase One at City Center Commons
Gaughan Construction’s City Center Commons project has reached a milestone with the completion of building one. Located along Highway 61 on the south end of town, this gorgeous building features a classy brick exterior as well as Silverdale Kansas limestone compliments. The development, paired with the new Forest Lake City Center, brings life to the site that was once home to the former Northland Mall.
The 11,000 SF building is the new home for Forest Lake businesses Thrifty White Pharmacy and Maplewood Oral and Maxillofacial Surgery. The new location puts Thrifty White Pharmacy’s new condensed store model on display as well as providing a drive-thru option for customer convenience. Maplewood Oral was able to increase the square footage of their business by more than double from the company’s previous Forest Lake location.
Stay tuned for updates as the City Center Commons project commences with the completion of building two. The 8,000 SF building will be the new home of Keller Williams and is slated to be completed early Summer 2016.
Do Good For Your Community
Patrick Gaughan of the Gaughan Companies recently sat down and talked with the Real Estate Journal and discussed his reasons for success in the competitive world of commercial real estate. On why community and keeping the best people around him has been part of his successes:
“So much of my success has been because I’m able to keep my clients with me year after year. I do try to spend a lot of time with them, a lot of time trying to understand their needs and goals. Every year, we host a fishing trip for our clients. We all go out and catch some salmon. That’s fun. But the key is to help your clients do more business. That is what they are all looking for. Say we have a tenant who needs SBA financing for a business. We will refer that client to a banker that we know will do a good job. That banker then refers us business. It’s about being useful to your clients.”
Click here to read the full article from the Real Estate Journal!
Village Apartments in Forest Lake Introduces Its New Website
The Village Apartments in Forest Lake, Minnesota is pleased to announce the completion of its brand new website. The website brings a modern feel along with an easy to navigate format. Potential residents will be able view floor plans, look at interior photos of units as well as have the ability fill out and submit their applications directly from the website. If you are a current resident of the Village Apartments, the resident login portal is front as center as you land on the page, making it convenient to access your online account.
The Village Apartments website can be found at:
City Center Commons Construction Update
Ground broke on Gaughan Construction’s City Center Commons project in mid-August. It is the first ground up construction project for the company in almost a decade. In the past few weeks, significant progress has been made on the exteriors of both buildings.
The buildings will serve as new locations for local businesses Keller Williams, Thrifty White, and Maplewood Oral and Maxillofacial Surgery here in Forest Lake. Along with the recently built Forest Lake City Center, the City Center Commons project will provide a fresh, updated look to the south end of town along Highway 61. The new locations should be open for business in early 2016.
Below are several of aerial pictures of the ground up construction we would like to share.
