Although most companies are all too familiar with the high costs associated with employee turnover, this is a still an area where companies of all sizes continue to struggle. One of the biggest misconceptions about reducing turnover is that salary solves everything. While pay is definitely an important part of retention, it's just one of multiple elements.
If reducing turnover is one of the top priorities for your company but remains a struggle to accomplish, we have four surprising suggestions that may be exactly what's needed to keep employees around and motivated:
While average employees spend around 60% of their time at work, that doesn't mean people are always able to keep their mind on their job. There are plenty of small but nagging things that can negatively impact an employee's focus and overall excitement about a job. That's why companies like Evernote actually pay twice a month for a cleaning service to take care of all their full-time employees' homes. Working parents make up a significant section of the U.S. workforce. Companies that offer on-site day care- or even day care that is close by- can help reduce employee turnover. Conveniences such as on site dry cleaning pick up, access to health care, and discounts for local businesses are great ways to increase employee loyalty. Although these specific examples may not be the right solution for your company, it does show how big of an impact eliminating personal life inconveniences can have.
Even though plenty of people like to make fun of Google's playful culture, having a workplace full of things like beanbags has played a central role in allowing the company to grow into the titan that it is today. As with the other examples we're covering, beanbags may not be the specific solution to reducing your company's turnover. The important takeaway is even if it's something as simple as taking everyone outside for a 30 minute game, finding times to have fun can be very effective.
Many companies are afraid that if they invest too much in employees, it will backfire and cause people to leave for another organization. However, companies like My Maid Service that have implemented this type of program have seen opposite results. Instead of a mass exodus of employees, the company reduced their turnover from 300% to 0% by getting employees to agree to a 2-year contract in exchange for custom career training and education.
When people hear the phrase "enforce a vacation policy," they may assume that this means limiting how long employees are able to take off from work. But if a company's goal is to reduce turnover, their enforcement should take the form of ensuring that employees actually unplug from work and take a vacation that recharges them. Some companies go as far as providing a vacation bonus (with the only stipulation being that employees must show it was actually spent on them taking a trip somewhere).
If you want to ensure that you only hire the type of employees who are worth keeping in your organization for as long as possible, be sure to contact M4 Work Solutions to discuss the employer solutions provided by our specialized recruiting firm.
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