In today’s competitive workplace, it is more important than ever to retain quality employees. Reducing the turnover rate at your place of business should be one of your key initiatives if you want to remain competitive and continue to grow your organization. Here are three ways that you can reduce your employee turnover rates so that your business flourishes.
Offer Greater Benefits
Keeping your compensation and benefits current as measured against today’s standards is essential when retaining employees is your goal. Do your research to find out what the competitors are offering their staff for benefits and do your best to match or exceed that package. For many employees, a comprehensive benefits package may be even more enticing than a bump in salary. In addition to the standard features such as medical insurance and 401K matching programs, be sure to consider extras such as vision coverage and life insurance. By thinking outside of the box, you can beef up your benefits offerings without it hurting your bottom line. The key is to find the things that employees really want and value.
Employee Health Programs
In addition to standard benefits programs, you can sweeten the deal by offering employee health programs. According to experts fitness programs increase employee loyalty and boost overall job satisfaction. Programs that reward employees for the number of steps that they take in a day are especially popular now that so many people have built-in fitness trackers on their smartphone or smartwatch. Competitions are a fun way to encourage good health while also building team camaraderie. Another popular benefit is to offer your employees a paid gym membership or to pay for wellness programs that visit your company onsite to reach your staff members.
Today’s modern workforce puts a high premium on flexibility and happy life and work-balance. Offering flexible work schedules is a great way to increase employee satisfaction and motivate them to stay with the company. If you are not offering your employees the ability to create their own schedule and to work from home occasionally, they may leave you for a company that gives them this flexibility.
A strong economy means that workers will continue to look at other places to boost their careers. Employing these initiatives will slow the revolving door at your company and put you in a better position to succeed.
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