Innovative Employee Retention Strategies To Keep Your Employees

Money isn’t everything when it comes to employee retention. The right annual salary is important, but you can also do other things to keep the best employees – and keep them from leaving for the competition.

Reduce Workweeks

Regardless of the success of businesses in other nations, American companies have resisted changing the structure of the regular workweek until now. Many companies permit employees to work four 10-hour days a week, and the results are surprising; employees accomplish more with a shorter work week than with a traditional 9-5 schedule.

Allow Job Sharing

Take advantage of part-time workers by allowing job sharing. According to a recent study of working parents with small children, job-sharing was viewed as an extremely attractive option when considering employment opportunities. An article in Human Resources Executive suggests that sharing one job among two individuals is more productive than having one employee work full-time.

Provide Flexible-hour Alternatives

Approximately 80 percent of American workers consider flexible hours to be an important aspect of their jobs, according to a Gallup Organization study.

The productivity of your business increases, absenteeism declines, and morale soars when a schedule meets your needs and your employees’ needs. Keep your options open to meeting employees’ unique needs by considering these benefits.

Let Certain Employees Work from Home

Working remotely can increase productivity by up to 40 percent – a significant benefit of working from home. People who work from home appear to work more efficiently during peak hours with fewer interruptions and distractions, feel less pressured by peers and productivity norms, spend less time and energy dealing with commuting hassles, and miss fewer days of work.

With tablets, phones, and video chatting tools readily available at reasonable prices, employees can do virtually everything from home.

Emphasize Career Development

You can offer tuition reimbursement to your employees if their chosen course of study will benefit your company in the long run. Make sure you have a system in place 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.

Invest company resources in helping your employees move up the corporate ladder, and they will stay to see how far they can climb.

Encourage Physical Fitness

One of the worst enemies of a corporation is high cholesterol and high blood pressure. Your employees’ health should be a top priority. Some employers pay for their employees’ health club memberships, reward them for quitting smoking and hold aerobic classes during work hours. Recently, the Affordable Care Act created new incentives for companies to implement wellness programs, making wellness good for your employees and your bottom line.

Is Your Company Struggling To Develop and Sustain Employee Engagement? VITE will be surely helpful for you.

Always Find New Ways to Compensate Excellence

Reciprocate when employees reward your company with outstanding results. Many companies offer incentives such as trips to tropical islands, company cars, or home computers. To maintain a competitive edge, don’t repeat the same incentives over and over again. Instead, find different ways to reward your employees. What’s more, you must make sure the incentive is something the employee really wants, whether it’s a stress-relieving vacation (if we can have such an option! ) or daycare vouchers.

Do you have a high turnover rate? Implementing these suggestions will help you enhance employee retention. In the meantime, Contact us to connect with the talent you need to stay productive.