Ways that the best Utah businesses keep and retain employees
The topsy-turvy world of 2020’s economy has meant unsettled times for business owners as well as employees. The best businesses in the Beehive State have weathered those storms to create something truly special for employees and leaders.
Utah Business has been watching, too, and they recently compiled their extensive list of the Best Companies to Work For in 2020. As they point out in their article, these businesses will likely get some new candidates knocking on their doors as the usual resume rush takes place during the first part of the year, something likely not to change with the turn of the year.
Having solid savings plans were likely featured as part of the initial and ongoing agendas of businesses on the list, and First Utah Bank can help you navigate this part of maintaining progress with several options to choose from that would work best for you .
Flexibility has been key for the best businesses
The dozens of businesses on the “best of” list were divided up by size in order to make sure that there was a wide variety of potential companies to tout. For what they call micro-companies (25-50 or less), one honoree was ETC Group, an engineering firm from Salt Lake City who had to make a tough decision that was actually touted as a plus by one employee who gave feedback for the article.
“I think they did pretty good when it comes to the pandemic response,” the employee writes. “Early on, they decided to do a temporary pay reduction for employees, while no one likes to take a pay cut, by doing so they’ve made it so they haven’t had to do lay-offs. They also moved early and had employees start working from home to limit the potential to exposure.”
Other honorees for smaller businesses include Harward Media from American Fork, who were singled out for flexible schedules, personal life training and performance-based bonuses. “Even the big wig boss’s bosses take time out of their day to get to know each and every person that works here,” one employee says.
The HR company named Zamp from Orem was also singled out for providing an internet stipend and work-from-home options. “Zamp continues to grow and hire new team members, even during COVID,” an employee writes. “This growth provides opportunities to be cross-trained, move into another department, and be challenged.”
More great techniques from businesses loved by their employees
From this point forward, the list is divided four ways: small, medium, large and extra-large. In the small category (companies with 51-100 employees) one highlight is Lingotek, a software firm from Lehi who were praised for the office culture. “I have always felt like my opinions are heard and many of them have been implemented,” a Lingotek employee says in the article. “The company culture is more about succeeding as a team and never bringing down individuals for mistakes that may have been made.”
For medium companies (101 to 500 employees), the ThomasArts marketing company from Farmington were honored for everything from stock awards to free counseling services.“They have a ‘teach don’t tell’ methodology, at the core of the business and culture,” an employee writes. “To clarify, I don’t worry about what I know or don’t know ―I ask all the questions I have with no fear of judgment. My company is invested in my learning and growth.”
One of the larger companies honored in that category (501 to 2500 employees) is Health Catalyst in Salt Lake City. The diversity of the company’s makeup was in particular singled out as a great trait. “The company promotes diversity and my team is a great example of what can be done when you have lots of different people contributing with lots of different skills and abilities,” an employee writes.
The extra-large category (2500+ employees) had its share of great business leadership as well. One of its winners was Savage, a logistics and supply chain business from Midvale praised by employees for its on-site cafe, leadership conferences, mental health benefits and encouraged social projects. “I love that this company puts safety first above all else,” one of Savage’s employees writes. “It means a lot to me to know that my safety along with my coworkers and my family come first.”
Think about the best approach to savings for your Utah business
Having a dynamic and flexible savings account was likely a part of the plan for some of the businesses featured in this year’s Best Companies To Work For list. First Utah Bank can be a trusted advisor and true helper for strengthening your business’ foundation when it comes our own business savings options.
There are two options that companies have when it comes to savings accounts through First Utah Bank. The first is the standard savings account which keeps your money safe while also giving you the convenient opportunity to watch it grow. Plus, there are no monthly service fees and no minimum balance that you need, so you can have the funds needed for unexpected expenses as your business grows and expands.
Then, there is the High Yield Money Market account for businesses. With this option, you can still get access to your funds but it also allows you to earn a higher rate on larger balances. This competitive rate helps grow your money fast, as interest is compounded and credited monthly. It’s also insured to the legal maximum by the FDIC. Note that you need have $25,000 in your account to not pay a monthly service fee.
As the evolution of your business in Utah continues, also know that you have First Utah Bank on your side, whether it’s for savings or any other banking need. Find out more about your options for savings at our website, or call us at 801-308-2265.