Want to Keep Competitors from Taking Top Talent?

"employee benefits" "employee perks" "company benefits" "company perks" "retaining top talent"

Subsidized yoga classes, flexible hours, tuition reimbursement, oh my! How important perks are like these? In a word: very. It’s no secret that top talent is your company’s most valuable asset. The question is how do you retain it? Simply offering employer-paid health insurance and paid time off no longer does the trick when it comes to staying competitive and retaining high-quality workers. Benefits are not only valuable for companies to hire and retain top talent, but they also boost company morale and assure that employees to produce their highest-quality work.

A study by Canadian Life suggests that more than 50 percent of employees would take a job with a new employer, without a salary increase, if it offered better perks and benefits. So which perks hold the most sway with employees? Of course, it’s important not to ignore the basics. Competitive pay, generous medical benefits, paid vacation and holidays, pension plans, and sabbatical options are necessary but no longer sufficient to keep hire and retain top employees. Companies need to take it a step further.

People want to work for companies that offer a variety of benefits to keep employees motivated, healthy, and engaged. According to a survey from Challenger, Gray & Christmas Inc., perks deemed highly-effective for retention include:

  • vacation/personal time (49%)
  • wellness-related benefits (43%)
  • flexible schedules (40%)
  • tuition reimbursement (27%)
  • telecommuting (25%)

Employees are becoming more and more interested in shaping their compensation packages to include a better work/life balance according to a survey conducted by WorldatWork, Loyola University Chicago, and the Hay Group. They are looking for companies that offer family-friendly policies, such as discounted childcare, generous maternity leave, and the option of a compressed workweek. Companies such as Dell are known to go so far as to provide college coaches for their employees’ kids!

While some perks, such as a comfortable and trendy work place, free language courses, company-sponsored community service activities, mentoring and coaching, or commuter benefits, may seem superfluous to some, they really do make a difference to employees. Happy and healthy employees are more engaged with their companies and produce higher-quality work. Furthermore, many potential employees are looking for extensive training and development programs that foster employee growth and mentoring and coaching systems.

While many companies had to cut perks during the recent recession, the situation is definitely looking up as more and more companies are recognizing the need to stay competitive to keep top talent. In fact, many companies are going beyond simply reinstating perks and are exceeding what was previously offered according to a study by Challenger, Gray & Christmas, Inc.

The study shows that:

  • 83 percent of companies interviewed have reinstated at least some of their perks
  • 42 percent have at least returned to pre-recession levels
  • 24 percent are exceeding the perks that were previously offered

According to Gallup data, the companies excelling at these perk offerings will maintain their edge in the marketplace. Assuming perks equate to engagement, those companies can expect 49 percent higher employee-retention, 18 percent higher productivity, and 16 percent higher profits compared to the bottom 25 percent.

All too often, small businesses and startups with smaller benefit budgets struggle to attract employees with incentives. However, all is not for loss when it comes to company perks for small businesses without Google-size benefit budgets. You don’t need to have a rock-climbing wall or a movie theater in your office to keep employees satisfied. There are benefits small companies can provide that hold significant weight with potential employees. Across the board, there is one perk that is valuable to companies looking to hire top talent: flexibility. Adidas’ motto for its employees is “as few rules as necessary, as much flexibility as possible.”

While this seems to break the norm of the typical businesses structure, it is a great way to retain top talent, encourage innovation, and allow employees produce their highest quality work. Most importantly, being flexible is free. Trust your employees to know when they are most productive and allow them to work around this schedule.

What does your company do to stand out amongst its competitors when it comes to benefits and perks? This is an important question to keep in mind when it comes to building your company’s team. Be prepared to sell the position when the right candidates come along by having your benefits “bag of tricks” packed with variety and flexibility to meet your employees’ needs.

Post written by Donna Hanrahan, Marketing Intern at Whiting Consulting.

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Startup Q&A with Sonar Founder, Brett Martin

Last month, I had the pleasure of sitting down with Brett Martin, CEO of the hot geo-based mobile application Sonar. Take a look at our conversation, as we dive into several topics including:  becoming an entrepreneur in the New York City startup scene, hiring for a startup, and experiences along the journey…

What has been your experience as a startup in New York City? What are some of the great things about it, and what are some of the challenges?

Every day is a new challenge. As a startup, you start from scratch where nothing exists, and everything needs to be looked after and fixed daily. New York is an amazing place with a small community where everyone is very supportive, and you can get advice from anyone. Sometimes the beginning of the startup process can feel isolating, but here in NY…there’s a whole community doing the same thing. Everyone is in it together.

What was the transition like coming out of the incubator?

Sonar was started out of the incubator, Appfund, which I helped set up. When we got off the ground and got funded by a west coast VC, that’s when Sonar became its own company. Today we are still tightly connected to the incubator, and share an office with another company that’s also part of Appfund. It’s a collaborative environment and Sonar is tuned in with “sharing the knowledge.” We occasionally pull people out from other teams to help get stuff done.

Mayor Bloomberg is proactively trying to make NYC the biggest tech hub. Have you seen any changes yet from your perspective?

The NY startup scene is not this “top-down” mandate from the government wanting a bigger startup scene. Quite the opposite – it emerged organically, because New York City is a perfect petri dish for mobile innovation. The high density of users–everyone’s on their cell phones, everyone’s trying to find stuff, and your friends are almost always nearby–that’s why Foursquare works, and Gilt Groupe works because all the fashion companies are here, and Etsy because there’s a cool DIY culture. So I wouldn’t say the startup scene is taking cues from the government, but the government is wisely looking and seeing what’s happening, then doing their best to accelerate and facilitate it.

It seems like you’ve had the entrepreneurial spirit for a long time. At what age did you start thinking about becoming an entrepreneur?

For me it was pretty early. Growing up in Ocean City Maryland off the beach, I would sell sea shells to my sister at a high cost to earn a few bucks. I always liked the idea of side hustles, and seeing the opportunity to make a quick buck and then capitalizing on it. Building companies has a much longer term view. Over the next few years, everyone is going to become increasingly networked with everyone else around them. We’re going to be socially networked just on the basis of proximity and location. That’s all Sonar is…this is how we’re going to position ourselves to take advantage of it.

I see that you were very active in sports in high school and led your teams as captain…would you say that being involved in sports was a major catalyst for your drive today?

Absolutely, but I think it’s the teamwork part of it that can’t be underestimated. Some people can come into the workforce without experience in a coordinated disciplined effort. Like we are all going to get to practice on time and run laps… because if you’re not there, the rest of the team can’t get started practicing. Similar to people who are only used to working individually–they don’t understand the need to follow a time table, because they have little experience with someone counting on it. But in a startup, everyone counts on everyone else, and if any one person stops, then everything falls apart. Understanding the need for and the power of teamwork is probably the biggest gift sports gave to me.

Who has been your role model to help guide you in the startup process?

I always wished I had a mentor or a role model, but my dad was an entrepreneur always building his own things. For me, it was more of solving my own problems…I just wanted to connect with people where ever I go, and Sonar is the tool that helps you do just that.

At the NYU Startup Week Panel, you mentioned that when you look at someone’s resume, you look to see if they’ve developed anything on their own. Aside from that, what is the biggest hiring attribute you look for: a hard skill or a soft skill, to hire in a startup?

Do they care about my startup? Are they interested in it? Have they downloaded and tried the app before walking into the door?  Are they self-starters? Have they already come up with ideas for what they’re going to do here?  I’m not in here in the business of telling people what to do….everyone I hire needs to be able to figure it out, what they need to do to make the product better. I am hiring them to figure out the problem, not just to do the work. Everyone is doing their best, so if I pull someone in, I expect them to make it better than what we’ve done by ourselves. The ability to come in with ideas and a plan for what you’re going to do the moment you walk through the door–that’s what you need to be successful at a startup. Big companies already have the processes in place and only need the human capital.  Startups don’t have any processes, so there’s nothing in place to ensure there’s a uniform output and no system to make sure they got it done. I look for people that will build their own processes to help themselves excel.

Your career page on your website is very unique and different from the standard job page, listing all its perks, focusing on company culture. Is the company culture something that evolved naturally?

We thought, “what would the person we would love to hire like?” Then we thought about some of the cool things we’d want to do and just threw them all up on the site. So it’s basically a reflection of what the team thought was cool and what we thought would interest people that we’d like to work with. It’s more like a wish list: if you come here, we’ll give you all of this.

The word “entrepreneur,” sounds like a very lonely word every time I hear it. After my talk with Brett, I realized just how much deeper it can be interpreted, based from his experiences. An entrepreneur intertwines their ideas within the startup community to help develop better processes…then hires the right people who can execute the idea beyond the entrepreneur’s wildest expectations. In the end, it all comes down to teamwork, dedication, and communication for a startup to persevere.

 

Brett Martin is the Co-Founder and CEO of Sonar. Prior to founding Sonar, Brett conceived of and built game-changing mobile technology companies as the Director of K2 Media in NYC. Prior to K2, he and a college friend moved to Austin, taught themselves how to code, and built the Data Owl, the world’s first automated social media monitoring service for small businesses. Before that, he researched start-ups as a Fulbright Fellow in Milano, Italia.

In his previous lives, Brett has worked at VBS.tv as an Internet marketing associate and on Wall Street as an equity research associate. Other things he is proud of include getting published by Harvard Business, founding a rock band, starting a non-profit, earning a B.A. in economics from Dartmouth College, and sailing thousands of miles from Maine to Dominica in a 30ft ketch.

Startups: The Rising of Women Entrepreneurs

"Rosie the Riveter", "We Can Do It!"More and more women are being called entrepreneurs in today’s marketplace. Last week I was able to attend the NYU ‘Women in Startups’ panel, which featured four NYC based entrepreneurs who shared their experiences and advice with an eager crowd of students. Speakers from startups included: SpotOn, Go Try It On, aut faciam, and Rent the Runway. It was a phenomenal panel, packed with stories, advice, and enthusiasm for the love of entrepreneurship.

Here at Whiting Consulting, we are approaching our 10 year celebration of entrepreneurship as a woman owned business. Along with celebrating our 10th anniversary soon, we are celebrating the ideas and inspirations of female entrepreneurs in the startup space. During college, I never would’ve thought that I would be working in the startup space. Once I fell into working with startups, I had never seen so much passion before for an idea someone has. It’s very refreshing to see and hear everyone’s enthusiasm, especially attending startup events down in New York City. Many of the women within the startup space have inspired me and helped me come to the realization of the difference we can all make in the economy for pursuing a small spark that’s burning inside, eager to make a difference in the tech community.

In a recent Fast Company article, Women-Led Startups are the Key to New Job Creation, only 35% of startup business owners are women. Marissa Evans of Go Try It On, stated that more and more women are becoming business owners, and becoming better at what they do.  Rent the Runway’s, Jennifer Fleiss, believes that this percentage will increase to over 50% in the next five years.

In the article, it stated that women don’t have the same network and role models as men do in the steps of starting their own companies. I asked some of the following panelists who their role models were when they were going through the startup process.

Gauri Manglik of SpotOn, said that Art.sy founder, Carter Cleveland, was her role model. She found some inspiration from him, because they are around the same age. Gauri was also looking at Apple and Instagram products as guidance, and how they’ve become established in the marketplace.

Marissa Evans sees any entrepreneur who contributes and gives back to the community by speaking to alumni as a role model. Her top pick is Twitter founder, Jack Dorsey, because of the great success of growth in his company.

Jennifer Fleiss was very fortunate to have great mentors along her journey which include: Carley Roney, founder of TheKnot.com, Dan Rosenweig, CEO at Chegg, and Marc Lore, Co-founder of Crunch Base. What helped made Jennifer’s journey a success was teaming up and having a great partner along the way.

All of these ladies had someone that inspired them. I believe anyone can go where they want to go, as long as they have some sort of inspiration to help them along the way. I also think that having the same network as everyone else isn’t going to make or break your startup. It’s how you leverage your network to get where you need it to go.

At the NYU panel, I asked these ladies what advice they could give to other women who want to start their own courageous path. Everyone’s overlaying message was: Learn everything you possibly can, and just go out there and do it. The best thing is to expose yourself, read blogs, and be open to new ideas.

Alexis Goldstein of aut faciam, told the audience that if you have an idea and see a particular need not being fulfilled by anyone else, give it a shot. It’s okay not to succeed at times, but you have to be able to make a decision to believe in yourself.

Other times you need to make risks, and think how it’ll benefit you in the long-run. Jennifer Fleiss and her co-founder, agreed to never write a business plan, because starting a business should be about tests and risks, then growing from what you’ve learned:

“In my opinion, there are four keys to success that I discovered early on that were fundamental to Rent the Runway’s launch that can easily be applied to other business models: (1) Test the Marketplace, (2) Show by Example, (3) Build a team, and (4) Realize that “No” means “Not Right Now.” …Starting a business is a series of iterative tests. Each test eliminates some of the risks of starting one. It is best to just believe in yourself and jump right into it, test it out, and grow by learning.”

The experiences and advice the ladies on the panel shared were very captivating and inspiring for the audience. The tech scene is a welcoming community, and will be seeing more and more women take the stage in startups. Any woman who has an idea should let their dreams run wild with it. Estee Lauder summed up her experience that can apply to any woman with a spark for an idea to pursue: “I didn’t get there by wishing for it or hoping for it, but by working for it.

Photo credit: Wikipedia.com

Post written by Julie Skowronek, Assistant Marketing Manager at Whiting Consulting.

Don’t Become a Wallflower…Use Your Sonar!

Have you ever been to a networking meeting and felt completely overwhelmed by the sheer number of people that are attending and thinking – how I am going to meet the people I NEED to network with?

I have been traveling down to NYC the last couple of months and have been attending the NY Tech Meetup’s which have been awesome. I have loved all the presentations, but there are hundreds of great people to meet and sometimes I don’t know where to begin!

At July’s event I was really impressed with a new start-up called Sonar, which lets you connect your LinkedIn, Twitter, and Facebook accounts and then allows you to see people you’re connected to who are in the same location radius. How COOL is that…. I thought this was an app that I could leverage greatly at every networking event, because usually I go into a networking event filled with new faces to meet. I immediately downloaded this app right then and there!

Since July I have been experimenting with this new way of connecting. With Sonar by my side at networking events, I can go into a room and feel more at ease knowing industries people work in, what they do, and how I’m connected to them. This is a tool that I wish I had over a year ago, right after I graduated from college and jumped right into attending events alone.

Going into an event, for anyone, can be a bit nerve-racking at times. For me, it was a challenge to find the right people within the same industry to target and connect with. For some events if it was possible, I would research who was going and what they did. Great for small gatherings, but at a large event it was like finding a needle in a stack of needles.

The Sonar app can guide my way through a room, and make it easier with just a few clicks to find industry-related people that I can network with in person. It can also be a great conversation starter by letting the person know what friends you have in common.

Sonar, Sonarme, Mobile App

When I was at a recent NYU Women in Startups panel, I got a Twitter shout out from another Sonar user, stating that we had 85 similar connections. He was sitting in the same event as me, and looking to network. (Unfortunately my phone has its own mind, and decides which Twitter messages should appear on my home screen!) If I had seen his Twitter response sooner, we would’ve had a great conversation about startups at the panel…We are looking to connect at the next NY Tech Meetup. I’m excited to go into the next meetup and have a connection already introduced, out of a large roomful of 700+ new connections waiting to be found by Sonar.

It’s amazing what technology can do now! Sonar is an app that helps you make introductions to people who are connected to you in all different degrees. Now you have no excuse becoming a wallflower at events! Sonar is a dynamic tool that I’ve used to leverage all of my connections on social media in specific locations looking for new people to network with. How will Sonar build your network?

Post written by Julie Skowronek, Assistant Marketing Manager at Whiting Consulting.

New York Tech Meetup Afterthoughts

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NYTM organizer, Nate Westheimer, welcomes the audience on July 5, 2011

With my second journey down to New York City for the New York Tech Meetup (NYTM), I was once again very impressed with what the presenters had to offer on-stage. With about nine tech startup demos, how can I choose a favorite?!

With the increase in popularity and evolution in mobile technology and social networks, there were trends in the demos along with a really neat surprise…break dancing!

What really stood out to me was Sonar.me. They built an application that can pull all of your social networks contact information and further connections, and also pull those people in your precise network of expertise at a particular networking event or area. I think this tool has the potential to bring great value at events and conferences for any individual.

SnapGoods created a great tool that recruiters and sourcers can play around with. Their site can pull all of your contacts from Twitter, Facebook, and LinkedIn, and simultaneously extract a particular keyword from all three networks. Super convenient and a huge time saver!

What really wowed the crowd was a tool that anyone can use to have the same experience as a doctor viewing every layer of the human body. It took BioDigital Human about seven years to create this interactive, HTML-based application… the first of its kind. Technology at its finest!

Lastly, presenters from SkillSlate went to a whole new level of “demoing,” and presented their results by searching a skillset from their site and brought the search results to NYTM. What did they search for in the city? Breakdancers! So the audience at NYTM got an awesome treat!

Overall, it was a great group of enjoyable demos, eye-openers, and several oohs, aahs, and cool moves. I’m thrilled to see what NYTM will bring to the stage next time. This leaves me thinking “What will people think of next?!”

Post written by Julie Skowronek, Assistant Marketing Manager at Whiting Consulting.

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