Employee Retention Strategies
If employees are a company’s greatest asset, great companies must know how to manage those assets with the same effectiveness as handling their capital. An engaged and satisfied employee is one who will stay around longer, saving the company a huge amount in training and turnover.
Dinner on Google
The tech giant is known for its creative and innovative work environment. Following Maslow’s Hierarchy, Google feeds its employees lunch and dinner, opening them up to be more imaginative as their basic needs for food are met. As a retention strategy, this one is geared toward the young, single worker who does not need to go home to a family meal. Google makes it so that the employee has everything they need right there at work.
Scripps Builds The Brain
A brilliant employee is a tangible commodity. That is one of the reasons Scripps offers tuition reimbursement for its staff. The company pays for textbooks and any tuition fees plus up to $1,500 annually toward college classes or CEUs. This is not enough to get a student through a degree but books are expensive and this perk goes a long way.
AOL Takes Care of the Family
Even small businesses can be compassionate to the changes that happen when a baby is born. AOL understands this and offers generous benefits including eight weeks paid maternity leave and on-site babysitting services. Being mindful of a healthy work-family balance, one of the strongest company retention strategies your business can adopt.
Become a Fitness Dealer
Auto industry leader Dealer.com wants their 800+ employees to stay healthy and fit. To do this, they maintain an on-site fitness center as well as health-food office services. Many small business can boost employee retention by offering gym memberships. One of the extra benefits of the membership is that gym classes help to build camaraderie and engagement in teamwork.
A Cup of Profit Sharing
From the moment that people start at Starbucks, they become partners in the company. The bean colossus offers a wide range of benefits, touting the ability of the employee to blend their own benefit package in the same way that they blend their unique drinks. At the top of this retention package is profit sharing in the company’s stocks. For any company, sharing the profit generally results in sharing the company’s mission and passion.
A Sample of the Product
Both Timberland and Smucker’s give employees a heavy discount on their products. Smucker’s even sends a gift basket with a sample of jams and jellies to new employees. This does more than offer a smile. Giving discounts and products engages the employee to sample the company’s mission in its products. Even small companies can offer its products and services without cutting into net income since there is not cash outlay for this perk.
Work From Home
Let employees work from home. Some of the benefits include reduction in office costs, larger recruiting base, and increased employee creativity. Of course, for the newest generation of workers, this is a key factor in retention. American Express understands this and lets much of its staff use virtual offices.
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