Notable Perks for Higher Employee Retention
You’ve hired a great team and invested in training. Employee satisfaction is high. You have nothing to worry about. Or do you?
Your employees may not actually be actively looking, but there’s a threat on the horizon. In today’s tight labor market, your competitors may be reaching out to employees who are not officially in the market for a new position. That makes every employee a potential passive job seeker. You could lose valuable employees if the right offers are presented. On average, one in four employees has been contacted by a recruiter in the last three months. The cost of replacing an employee can run from one and a half to two times their annual salary. Cutting corners on investing in employer retention will cost you. Retention needs to be a high priority.
Add Value to Your Workplace with These Employee Retention Tips
The workplace has been transformed, and employee expectations have changed. The first step to adding value to your workplace is understanding what your employees want and what your competition offers.
Inflation concerns have soared six-fold in 2022. Rising costs have eaten away at raises and employees’ discretionary income has been reduced. They are concerned. Retention strategies that either increase income or reduce costs are highly attractive. Here are some strategies.
- Retention raises. As employers competed to fill vacancies, new hires benefitted from the labor market shortage. Consider retention raises to keep the salaries of your existing employees competitive.
- Equipment, Technology, and Phone Reimbursement. Help your employees stretch their dollars by reimbursing them for equipment, technology, and cell phone use.
- Offer your employees generous discounts for goods and services from your company.
But it’s not all about the money. Lack of flexibility and work-life balance is a key factor in an employee’s desire to quit. These perks increase employee satisfaction and retention.
- Work-life balance. When employees know they can focus on their personal and family needs when a situation arises, they are less likely to job shop. Unlimited PTO is one practice that supports work-life balance. but flexible schedules and remote or hybrid locations all provide employees with the time they need.
- Floating holidays. Allowing employees to choose holiday time off in alignment with their cultural and spiritual traditions sends a message of inclusivity.
Employees are worried about the future. The COVID-19 pandemic and rising inflation have shaken up employees’ outlook when looking ahead. Here are perks and benefits that help them take the long view in improving employee loyalty and retention.
- Partner with employees on their long-term career goals. Career path planning helps employees map their future based on their goals, interests, and aspirations. This individualized process is more than just coaching and development for their current position. It’s a deeply connected process that supports an employee’s long-term growth with the training, education, and stretch experiences that demonstrates your investment in their vision for the future.
- Educational assistance/loan reimbursement. Many employees have a desire to commit to furthering their education, but finances make that cost-prohibitive. Educational assistance programs and student loan reimbursement sends a message to employees that you are willing to invest in their education.
- Financial planning services. Concerns about finances are the number one stress that employees report. Most employees are unprepared for major expenses and economic downturns. By partnering with your employees to build their financial literacy and adopt new behaviors, you can help reduce a major stressor.
Sixty-six percent of US employees said that culture is more important than salary. Shared purpose, shared values, positive relationships with their manager, and recognition increased loyalty. Here are some ideas.
- Train and develop your supervisors and managers on how to deepen engagement through excellent leadership. More than half of exiting employees said their supervisor could have done something to retain them.
- Shared values and deeper connections. Supporting causes that are meaningful to employees increases satisfaction. Donation matching programs and paid time for volunteer projects are perks that increase the sense of shared values.
- Encourage connection. Ensure there is space and time for employees to be social with each other. A couple of comfortable chairs and a room screen can signal that your organization supports and values friendships. In a remote work environment, virtual gathering spaces can foster social connections.
- Have fun together. Sporting and entertainment events, outings, and gaming deepen bonds with other employees and increase employee satisfaction.
Contact us Today
TANDIUM Corporation specializes in serving the Human Resources, Payroll, and Benefits needs of businesses and non-profit organizations. Our team of experienced Human Resources Specialists can help you develop a plan to enhance employee engagement, so you retain your talented employees and keep your business on track. Contact us today to schedule a free initial consultation.