Continuing our ongoing series of understanding the VEBF, this article is dedicated to exploring why property owners should want to support this fund.
With so much change and uncertainty affecting workplaces globally, it can be easy to forget that employees are at the center of any organization’s success. And what those employees feel – about the companies they work for, their leaders, their teams, and themselves – ultimately provides the fuel for high performance. The largest expense item for many companies is LABOR, which can account for up to 70% of total business costs, and include wages, benefits, payroll and related taxes.
The VEBF has always focused the fund on hourly employees, and always will. The hourly employee jobs are typically represent the entry level for non-skilled employees who want to get a start and begin learning a new trade. So, while you can advance your salary within those entry level positions, they still remain the lower paid positions.
Going back to performance for a moment, recognition is a simple way for organizations to demonstrate their investment in and commitment to their employees. But it makes good business sense, too. That is where you and the VEBF can play a vital role in employee retention. Every organization aims to recruit and retain the best team members they can to ensure they are productive and successful in reaching business objectives. Human resources professionals, managers and team leaders may use a metric called employee turnover to determine how effective the organization is in recruiting and maintaining great candidates. Learning how high employee turnover can adversely impact your team and overall organization can help you address factors leading to high turnover.
Again, as property owners, we can play a part in employee retention through our efforts to show the hourly employees that we support and appreciate the jobs they do day-in and day-out. VEBF has been playing a part in this process for 25 years now, and we ask that you join us in our endeavor of letting our employees know how much we appreciate them.
According to a SHRM (Society for Human Resources Management) survey, three- fourths (74 percent) of HR professionals (respondents) said inadequate compensation—pay, bonuses, profit sharing and the like—was the top reason for employees leaving their organization. Only 14 percent said their current budget for compensation was adequate. If your employees do not feel they are being fairly compensated for the value they bring to your organization, they will not hesitate to look for a position where their worth will be recognized and rewarded.
If we could just get every resident of Hot Springs Village to contribute to this worthy cause, we could provide every hourly employee a HUGE thank you every year and do our part to assisting with employee retention. Please consider giving.
A link to VEBF Website.
By Lloyd Sherman, VEBF Board Member
