How Top Companies Retain their Best Employees
In reality, the perfect company doesn’t exist even though even though everyone dreams of working in one. If you are looking at even the top rated businesses around the world, you can still hear employees griping about something, and that’s normal. For those businesses that are deemed as top companies, what is it that they’re doing that makes them on top of the pack? How did they work on ensuring their employee retention is higher compared to other businesses?
It is said that the elements of high employee retention has already been figured out, but there remains to be a number of factors that it is nearly impossible to say that everything is applicable to all companies. There are, however, some common factors that business magazines and online business-related sites have gathered.
Flexibility is always one of the factors that potential employees are looking for. Most people who are seeking for employment will always look for flexibility when it comes to their working schedules. It is always an advantage if you work in a business that has flexible working hours. In this fast-paced generation, nobody would like to stick to working in a job that strictly adheres to an eight to four schedule. Company executives should find the time to assess the working hours of their employees and if possible, give some flexibility to their schedules.
Businesses that give importance to the welfare and health of their employees are always good employers. This would mean that company executives find the means to give their workers access to better health care services. Employees are likely to stay longer with their employer when they are given good health insurance coverages for their selves and their dependents. Top employers offer the same set of benefits to all their employees, even to those part-time workers in the company.
When retirement age comes, nobody wants to keep on working because they don’t have the resources to support their lifestyle. It would be a relief to know that when this time comes, an employee has the right type of pension that can support the lifestyle they will choose. Safe Harbor 401 K plan is one of the most popular plans available. This is especially a very popular retirement plan for most small businesses today. By giving employees access to this pension plan, company executives are not only preparing them for their retirement age, they are also giving them the opportunity to let their money work for them.
Hiring new employees is costly, in fact, it is more expensive compared to working on making them stay. Statistically speaking, it would be seven times more expensive to hire new workers than to retain the good ones. It is, therefore, a strategic move for business to work on making their employees happy and satisfied to make them stay with the company. The factors listed above are considered as the most common perks that employees would be looking forward to make them stay.