Employee retention programs offer organizations several strategies for reducing turnover. Since people are the only assets that can literally get up and walk out the door, employee retention programs can be vital in a tight job market. Although money has traditionally encouraged people to stay around, savvy employers recognize that a variety of factors motivate employees.
Employee retention programs vary
Because every company has a unique set of employees, every company needs its own set of retention programs. For best results, employers should survey staff to find out what they value most. However, some of the most popular programs include:
• Medical benefits
• Tuition reimbursement
• Training incentives
• Career development assistance
• Onsite daycare
• Homebuyer program
• Computer purchase assistance
• Retirement savings matching
• Competitive compensation
• Flex time
• Free passes to use to gain a few hours off to attend family or personal events
• Magazine subscriptions
• Wellness programs, ranging from health club discounts to free sports classes, as well as rewards for healthy, stress-reducing choices.
No matter what programs you choose, start with the best intentions. Hire the right people. Emphasize your company culture during the recruiting process. Use behavioural interviews and competency-based hiring to ensure fit.
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