When it comes to employee retention, money isn't everything. Of course, offering a fair annual salary is important, but there are other things that you can do to hold on to your best employees – and keep them away from your competition.
Businesses in other countries do it with great success, but American companies have been reluctant to change the structure of the standard workweek – until now. More and more organizations are permitting employees to work four 10-hour days a week, and the results are surprising; employees accomplish more in a reduced workweek than the typical 9-5 model.
Allow job sharing.
Take better advantage of the part-time workforce and allow job sharing. A recent study of working parents with small children found that job-sharing was considered a highly attractive option when considering an employment opportunity. According to a report in Human Resources Executive, two employees sharing one job are more productive than one employee working full time.
Provide flexible-hour alternatives.
In a study of American workers by the Gallup Organization, it found that a vast majority of employees consider flexible hours an important part of a job. In fact, one study found that two-thirds of working men and woman would reject a promotion if it required them to spend less time with their families and that they would consider flexible hours an attractive option.
By developing a work schedule that meets both your needs and your employees’, productivity will increase, absenteeism will decrease and employee morale will soar. Consider these benefits, and keep your options open to other ways you can meet employees' unique needs.
Let certain employees work from home.
Studies show that productivity increases from 20 to 40 percent when working remotely – a significant benefit of working from home. It seems that when employees are based out of the house they work at their peak times with fewer interruptions and distractions, have more freedom from peer pressures and productivity norms, spend less time and energy dealing with the hassle of commuting and miss fewer workdays.
And with tablets, phones and video chatting tools available at reasonable costs, there's practically nothing an employee can't do at home.
Emphasize career development.
Encourage employees to consider improving their education and offer tuition reimbursement if their selected course of study can benefit your company in the long run. Be sure to set up a system that ensures employees won't "skip town" once their degrees are in hand.
Provide opportunities for employees to attend seminars that will improve their skills. Hold in-house seminars if costs necessitate. To foster career guidance, set up a mentorship program in your company that pairs high-level executives with young professionals.
Do what you can to show you're willing to invest company resources to help your employees move up the corporate ladder, and they will stay to see how far they can go.
Encourage physical fitness.
High cholesterol and high blood pressure counts are among a corporation's worst enemies. Keeping your employees healthy should be a major priority. Many companies pay for employees' health club memberships, offer rewards for employees that quit smoking and hold aerobic classes during work hours. Recently, the Affordable Care Act created new incentives for corporations to implement wellness programs, making wellness good for your employees and your bottom line.
Always find new ways to compensate excellence.
When employees reward your company with outstanding results, reciprocate the effort. Some companies provide incentives such as trips to tropical islands, company cars or home computers. Don't offer the same incentives over and over again; seek out different ways to reward your employees to maintain an edge on competitors. And whatever the incentive, make sure it meets a real need of the employee, whether it's a stress-relieving family vacation (if there's such a thing!), or a voucher for a selected day care facility.
Are you experiencing high turnover? Implementing these suggestions will help you enhance employee retention. In the meantime, Contact us to connect with the talent you need to stay productive.