The unemployment rate in Florida is the lowest it’s ever been since 2007 – 4.7%. With this surge in employment, companies are working even harder to retain their talent.

A Different Climate:

Updating compensation, offering stock options and bonuses and using more flexible work hours or telecommuting are just some of the tactics being used by employers.

The fact that a growing generation of millennials is entering the workforce is also a factor drastically changing the way we see benefits.

Most of these individuals don’t see the logic in commuting to an office when they can work entirely from home. New importance is being placed on parenting, family life and work-life balance because most homes now average two working parents.

Advice for Employers:

• Get ahead of your employees by establishing an office culture where you listen to their needs. A great way to do this is periodic engagement surveys (here are 9 questions you should be asking: http://bit.ly/1UdiSXQ).

• Demonstrate a readiness to enrich your workforce with appropriate compensation and benefits. Telecommuting options, picking one additional floating holiday, etc. are all great ways to provide your team a bit more value (and it ends up being a greater asset in the long run, increasing productivity and employee satisfaction).

• Provide your team the option to take advantage of educational opportunities. Ask your employees if they need leadership or special skills training.

*This article was inspired by an article in the February 19th 2017 edition of the Sun Sentinel (Money Section) written by Marcia Heroux Pounds.

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