August 2021 Volume 3

MEMBERS SPEAK

Advice for Attracting the New Generation of Workers Lessons Learned From Your FIA Member Peers

Implement Employee Incentive Programs Looking for an easy incentive program that fosters good behavior? Set up a perfect attendance bonus. Interested in retaining valuable employees? Offer a reward for each year they have worked for the company. In addition, perks that help employees to increase their health and well-being are also options that companies can use to attract quality staff members. For example, a gym membership can have a profound effect on the happiness and productivity of your employees. “In July 2020, Onex became a 100% employee-owned company. Studies show that employee-owners have 2.5 times more in retirement savings than a traditional 401k match plan. In addition to having ownership, Onex employees are a part of a vision that is much larger. Our goal is to Make Things Better: empowered employees, happy clients and thriving communities. Each day so that we may play a part in revitalizing American manufacturing. Onex’s company culture is one that supports employees in innovative problem-solving. Leaders know that not every experiment will be successful, but a learning opportunity nonetheless.” – AshleighWalters, President, Onex, Inc. Offer Referral Incentives By initiating a referral incentive program, your current employees will be motivated to refer stellar candidates. This is a mutually beneficial setup where your company will gain quality talent, and existing employees will earn rewards, like a referral bonus (money), extra vacation days, or a prime parking spot. If a current employee is recommending someone of the job, you can usually trust that they believe the person is reliable and capable of performing assigned tasks. Offer Signing Bonuses A signing bonus can be used to entice applicants. The offer of the bonus will provide extra incentive for the prospect to accept a job offer. The monetary benefit is obvious, but there is a psychological one as well, people like being made to feel special, sometimes a signing bonus is just the thing needed. “Ellwood business units have been offering lucrative sign-on bonuses and have increased the employee referral bonuses for certain positions. We also formed key high school relationships where we helped create manufacturing curriculums that will equip students to be ready to hit the manufacturing floor running after graduation.” – Hope Vaccaro, Director of Talent, Ellwood Group

Promote Your Company Culture Your company culture should attract the employees you want, and repel those who don’t fit your culture. A company culture that respects employees and makes the most of their talents is a desirable work environment in which to work. Flexibility on working hours and a positive work-and-home-life balance, as well as a commitment to educational and professional development can make your business an attractive place to work. When you are confident that you know and understand your company culture and what sets you apart, entice job candidates by sharing the ingredients of your culture as you interview. Offering these exciting details can give you a competitive edge in the job market as you look to fill vacant positions. “Today’s workforce is looking for collaboration, starting with leadership walking the walk and expecting all levels to work together. Workers want opportunities to improve themselves and contribute to the greater business objectives. Additionally, they want clear and consistent job expectations (which requires clear, consistent communication!) and work/life balance. Today’s workforce is not characteristically the same as the workforce from 30 years ago. Companies in any industry can recruit and train with stellar programs, but you’ ll fail to retain without a culture that fits the workforce today. And when you look at the general reputation of manufacturing today, we as a forging industry need to take a look at how we operate and get things done and make efforts to keep up with the changing culture and expectations of today’s workforce if we want to be able to not just attract new hires but keep them for the long- term.” – Chelsea Lantto, President, Trenton Forging

FIA MAGAZINE | AUGUST 2021 82