Discover the importance of employee retention ideas for your company
Employee retention is a difficult thing in today's working world—no longer is it common to spend a decade or more with the same company; in fact, many people rarely see more than five years in the same workplace. Factors like industry competition, mobility and the need for advancement can often cause employees to jump ship from their current positions at a moment's notice.
For companies that struggle with retention of employees, it may be necessary to investigate the causes of employee loss and formulate strategies for keeping and rewarding good employees. Many companies are now seeing the value of employee retention strategies; while it may seem like a large investment at first, it can pay off in the end through loyal and satisfied employees.
Employee Retention Strategies and Ideas
While the best way to determine which perks will work best for your company is to talk to your employees, the following employee retention ideas may help get you started in forming your strategy:
- Examine your space. A workplace that is comfortable and relaxing for employees can go a long way in employee recruiting and retention. Adding furniture like larger cubicles, lounge sofas, outdoor tables and a TV in the break room is an easy way to spruce up the office, and you may want to go as far as having an onsite gym or games room where employees can go to blow off steam on their breaks or during lunch.
- Go beyond the bonus. While many people appreciate a one-time bonus, many also value long-term financial incentives such as retirement savings or pension plan matching.
- Examine your employees' needs. Have a lot of parents in the office? Onsite daycare could be a huge feature for employee retention. More young people? Homebuyer or computer purchase programs may be a better choice. Find out what your employees are looking for and then help them find it as best you can.
- Be flexible. In today's age of technology, flex time is one of the greatest employee incentives you can offer. Working from home is possible via teleconferencing and instant messaging, while Smartphones make it possible for people to work unconventional hours while still being available.
Employee Retention Programs
Realizing the importance of keeping employees, many companies are now organizing their employee retention ideas into actual employee retention programs. These programs are part of the official company code and can be structured as a rewards program or as a general offering to all employees in the hopes of creating a comfortable workplace culture.