There really is no such thing as a perfect company. 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. So what makes top rated companies on top of the competition? What is it that their executives are doing that, their employee retention is very high?
There are several factors that affect employee retention and it would be impossible to say that all companies share the same issues. Business magazines and those business-related blog sites have listed some of these common denominators.
One of the most common factors is flexibility. Whenever it is that one is seeking for employment, one of the things that are being asked for is how flexible the work schedule is. It is always advantageous if the business offers flexibility in the 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.
The welfare and the health of every employee should also be given great importance by company owners. Better access to health care services is what most workers would be looking for when they seek for employment. The more generous the health insurance coverage is, the better to make employees stay longer in the business. Great employers would also give the same benefits to their part-time workers as they also deserve the same health care benefits.
Nobody wants to retire someday and still feel the need to work even at a very old age because of financial needs. 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. Of all the pension plans available, the Safe Harbor 401 K is deemed as one of the most popular to date. Majority of small ventures nowadays makes use of this popular retirement plan for all their workers. 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.
It would be very costly to hire new employees compared to working on making them stay to work for the business. Hiring is seven times more expensive compared to keeping the tenured employees in the company. That being said, company executives always make it a point to keep their employees happy and satisfied. The factors listed above are considered as the most common perks that employees would be looking forward to make them stay.