Employee retention is crucial in the business world, but a lot of businesses are burning through employees quickly. The “cush” jobs at Google – you know, where they have everything at their fingertips from a chef to laundry facilities – has an average tenure period of just 3.2 years. Dropbox’s tenure is just 2.1 years.
When these employees leave a company, new employees need to be recruited, trained and hired. It’s a major expense for any business, and it can also cause a lot of lost time when trying to hit deadlines.
Businesses are trying to improve employee retention through:
1. Return to Work Programs
Return to work programs help retain employees that have been injured at the workplace. In fact, 80% of companies have return to work programs that will reduce workers’ compensation costs drastically.
What these programs do is allow the person to work, even if that means:
- Working shorter hours as they need.
- Changing the worker’s job on a temporary basis while they heal.
- Modifying job requirements so that the individual can return to work.
Return to work programs allow injured employees to return to work without the fear of being reinjured or amplifying the injury already sustained.
2. Match or Exceed Industry Compensation
Employee retention is also dependent on compensation, but this comes after other factors in some fields. Google pays their employees well, but some employees can’t deal with the work environment for a long period of time.
But when all things are equal, employees want to be fairly compensated for the work that they have completed.
This requires businesses to:
- Keep a pulse on industry compensation standards
- Incorporate bonuses and benefits
- Follow trends in benefits
Compensation matters a lot to employees, and it’s essential that employees are fairly compensated if you expect to retain them.
3. Flexible Work Days
When possible, depending on the industry, incorporating flexible work days is a smart choice. These work days may be working at home, or they can mean working different hours as long as the job gets done.
Flexible work days are great for employees because it gives a sense of control.
If a child is sick, the parent can choose to work remotely, caring for their child and still getting work done. Being flexible in the workplace is also a good idea. If a loyal employee who is always at work early comes in late, let it slide.
4. Provide Perks to Employees
You should work on providing perks to employees, and this can be working with vendors to offer discounts, or it could be providing tickets to a baseball game. Local retailers may be willing to offer discounts to your employees, or you may be able to get VIP passes to special events.
Employees will look at job perks when deciding whether to work for a company.
If you’re willing to go the extra mile to make employees happy, you’ll retain employees for a longer period of time.
And while you’re working on retention, don’t forget to consult with your employees and see how you can improve.