2022
Podcast: Cautionary HR Tales and Tips for Business Owners
Is your business prepared to handle a potential HR nightmare?
Human Resources has been thrust into the spotlight since the beginning of the pandemic. Whether it's failing to successfully retain younger employees, or navigating through staff challenges in a post-COVID world, it's abundantly clear that every small business owner should have some sort of HR plan in place.
To gain insight on some of the biggest HR challenges facing small business owners today, we're joined on this episode of the Wealth Wisdom Podcast by Pierre Bourbonnais (Employment Relations Consultant, Peninsula Canada).
Here are some of the episode highlights:
- Why is it so challenging for business owners to find good workers? (4:00)
- #1 question from employers about HR (7:00)
- Update on sick days legislation and other current issues (17:00)
- Why you need to be transparent with employees (21:00)
- You can listen to the podcast through these popular avenues.
You can also watch the full video podcast on YouTube.
How an HR Disaster spawned a new business
Thought I’d include this interesting little nugget from the beginning of my conversation with Pierre. In this clip, he talks about how Peninsula HR was founded.
Ironically enough, it was an HR nightmare that pushed two brothers to form the company.
Finding the right employees is issue #1 for business owners
If you’re a small business owner, is this something you can relate to?
Pierre touches on some of the reasons why employers are struggling to find the right people.
Although employers are having a hard time finding people, what’s also an issue is that businesses are struggling to retain good employees.
Pierre mentions that 40% of people who are leaving their jobs are doing so because “it did not meet their expectations.” That number jumps to 73% for people who are Gen Z (18 to 24 years old).
Wow.
He also mentions that the number of employees who don’t show up on their first day is also “through the roof.”
7 strategies for employers to retain employees
So, if finding and retaining employees is the number one issue for business owners, how can they go about solving that?
Pierre lists a number of solutions, and I suggest you listen from 7-minute mark until about the 14-minute mark if you want a more detailed explanation on some of these points.
1. Flexible work arrangements. Pierre said this is the number one question from prospective employees right now, even more so than salary.
2. Showcasing values. He specifically talks about Diversity, Equity and Inclusion.
3. Competitive Payment and Benefits.
4. Having a Mental Health Policy in place.
5. Digging into an untapped talent pool. Pierre mentions that employers need to broaden their search, leaving no stone unturned.
6. Focus on adding employees from different cultures. According to Pierre, research shows that adding employees of different cultures to a company decreases groupthink and increases innovative thought processes.
The last point was arguably Pierre’s strongest point, and it’s maybe not the first thing you’d think of when you’re brainstorming the most effective ways to retain employees.
7. Create belonging.
“Everyone wants to feel included, we all want to feel liked and supported,” Pierre said.
“We all want to feel proud of where we work, and everyone wants to feel like they belong.”
“Building that kind of culture within your business and creating that sense of belonging will often trump, a lot of times, just being offered a little bit more.”
What working with an HR firm looks like
Tackling an HR plan isn’t something many business owners want to deal with.
If you know me, you’ve heard me say it before. The best business owners carve out time to work on their business, not in their business.
As Pierre mentions, working on HR is an example of working in the business.
That doesn’t mean it’s not important. Nailing down your HR plan will inevitably save you from much larger headaches down the road.
So, if you don’t want to deal with all the HR implementation yourself, what would it look like to work with a firm?
Pierre broke down the work of Peninsula Canada into three categories.
1. Getting proper documentation in place.
2. Access to 24/7 HR Consulting.
3. Consulting and coverage of legal fees. This was a Peninsula-specific policy, where they cover legal fees up to $500,000, as long as their client (the small business owner) does their part in following the HR advice provided.
In terms of some examples where 24/7 HR Consulting might come in handy, Pierre provides a few examples here.
Final Thoughts
HR isn’t the sexiest topic, and it’s not top of mind for most business owners.
(That is, unless you’ve dealt with an HR nightmare of your own).
If you want to talk to Pierre about how Peninsula Canada can assist you with any potential HR needs, you can reach him at pierre.bourbonnais@peninsula-ca.com.
As a Family Office, one of our goals is to connect you with some of the best professionals in our network. If you ever need access to professional recommendations, whether it be accountants, legal firms, HR consultants, or something else, please get in touch.
Until next time,
Assante Sana
John Lawson (CFP®, CIM®, FEA)
Senior Wealth Advisor, Assante Capital Management Ltd.
