Factors that Affect Employee Retention
In reality, the perfect company doesn’t exist even though even though everyone dreams of working in one. Top companies around the world still have employees complaining a thing or two, thus you can say that there really is no such thing as a perfect system. But what really makes top companies top companies? What makes their operations so good that their employee turnover is very low?
There are several factors that affect employee retention and it would be impossible to say that all companies share the same issues. There are, however, some common factors that business magazines and online business-related sites have gathered.
Flexibility is one of these factors. 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. Nobody wants to be glued for hours on their chair and gone are the days that employees would want to stick with an 8 to 4 job. If you are a company executive, it would be to your company’s advantage if you find some time to set-up a more flexible working schedule.
A company that values the health of their employees is always a good company. Access to health care is one of the things that every worker would look for. Employees are likely to stay longer with their employer when they are given good health insurance coverages for their selves and their dependents. Inclusivity even for those part-time workers and giving them the same health care benefit is always a plus.
Retirement age means that a person will no longer be working and that they are going to spend the rest of their lives just enjoying their free time and not worrying about their financial status. It would be comforting to know that when this time comes that you have the resources and pension to support the rest of your life. The Safe Harbor 401 K plan is a very popular pension plan that is being used across the United States. This is especially a very popular retirement plan for most small businesses today. Allow employees to make their money work for them and make them invest for their future.
Hiring new employees is costly, in fact, it is more expensive compared to working on making them stay. It is said that hiring costs seven times more than keeping a good employee. 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 three factors above are considered as the most common factors that most employees would look for in a company.