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Employee Perks That Can Drive Your Company Retention Efforts
*Image Source: Pixabay
What makes an organization?
Is it the brand? Is it the products or services? Is it the income? Is it popularity?
There are many components that make up a great company. Yes, what was mentioned above is extremely important, but the question is, are they the main drivers of an organization?
The answer is no. You see even if the brand, as well as its products or services, is quite well-known and the company is generating ridiculous sums of money, an organization will not progress without its people.
It’s comparable to a car without wheels. The car is intact and running, but it will not move forward.
For example, the call center industry in the Philippines used to have high attrition rate although companies are offering higher compensation to a larger scale including the undergraduates and high school graduates. This is due to the fact that the employees are constantly working under extreme stress at night and they feel unsatisfied with their work despite receiving higher pay.
That being said, it is important to love our people. Due to their passion, dedication, and efforts, the company is able to reach its goals and will eventually expand. So it would be fitting to give back to them as a motivation to do perform well. Providing perks and benefits are one way of making your employees stay.
Of course, this is not all about the money. This is about providing your employees with proper acknowledgment for a job well done and helping them grow in their respective career.
Below are some of the ways to increase company retention efforts:
Retention begins right recruiting practices
Dan Pickett, CEO of Infrastructure mentioned that identifying the aspects of culture and strategy that the company wants to emphasize, and then seek those aspects out in your candidates. It is believed that the longer the employee is with your company, the more productive they become as time goes by.
Study their job history to determine the loyalty, perseverance, and engagement of the candidate.
Know what’s important to them. People often stay when they are working on what they are passionate about.
Provide career advancement
Hire from within instead of doing a recruitment search. Announce new career opportunities internally and look for best performances within the company who are suitable for the role. In this way, employees will feel appreciated and valued.
Offer employee development and education
Provide training to acquire new skills. You can also offer tuition reimbursement for employees who would like to pursue a Master’s degree or Ph D. This can also be offered to undergraduates. Furthering the education of your employees gives them a sense of importance. Training is often perceived by employees as an investment in their worth and a strong motivational factor to stay in the company.
Give benefits beyond the usual packages
Healthcare benefits and paid sick leaves are good, but not enough to make them stay. Extended paid leaves would be feasible especially for mothers who just gave birth or even fathers who want to be with their babies for some time.
Stock options and other financial rewards are also ideal for top performers or loyal employees.
A trend in most companies now is work-life-balance. Provide them with an opportunity to work in flexible hours or to work remotely if this is the kind of environment that the employee will be more productive.
Working without leave or any opportunity to have a time for themselves is one way to send your employees out the door!
Create open communication
It would be best to schedule a regular meeting where employees can voice out their opinions. This is also a way for them to give suggestions or share their best practices. In this way, employees will feel that they are included in the process or even in the decision-making. An open-door policy would also give way to having a stronger relationship with your people. Give a few minutes of your time to discuss their challenges or to entertain their inquiries. Having an open communication makes the employees feel valued and heard.
This is a small detail that a lot of companies are overseeing. Tell the employees what you expect from them. What is the scope of their responsibilities? Remember, if they don’t know what to do and they can’t meet the expectations, they will not perform well and their morale will drop. When this happens, employees will be compelled to send in their resignation letter.
Involve the manager
The managers should spend some time guiding struggling employees and assist performers to move to a higher or to their preferred position. The managers should make their team feel that they are there for them and that they care. Often times, people are leaving because they can’t deal with difficult or inconsiderate managers.
Ask for feedback
Surveys are given to people to measure employee satisfaction. This can be done periodically at pre-set intervals without revealing the names of the respondents. Surveys can be a great tool to get an honest opinion about the company and its management. It can also help the management see the loopholes or any issues that need resolution.
Exit interviews are scheduled and conducted after the approval of the employee’s resignation. This helps in the identifying reason for the employee’s departure. Don’t just ask “Why?” You should also ask “What?” What will make them stay? What are they looking for? What is missing? From there, try to implement changes to reduce attrition rate.
Contests and incentives
These programs, with the right planning and execution, can keep them focused and feel excited to report to work. It gives them a reason to perform well because they will be rewarded for their hard work and dedication. Small perks can also spice up the employer-employee relationship. Give them free movie passes to blockbuster hits or gift certificates to a meal in a fancy restaurant. This will serve as a token of appreciation.
In conclusion, do not be afraid to invest in your employees. Yes, it may cost more to train them or to give them higher benefits. But as long as they stay motivated and excited about their work, your employees will not go anywhere.