While it is a dream to work in one, the perfect company doesn’t exist. 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? How did they work on ensuring their employee retention is higher compared to other businesses?
While it is easy to say that the answer to this question is no rocket science and that it has long been figured out, one cannot put in a single box all the things that employees would want to make them stay. Business magazines and those business-related blog sites have listed some of these common denominators.
Flexibility is one of these factors. Most people who are seeking for employment will always look for flexibility when it comes to their working schedules. 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. So if you are a business owner, find time to make the work hours more considerate.
Businesses that give importance to the welfare and health of their employees are always good employers. Access to health care is one of the things that every worker would look for. Employees are likely to stay longer with their employer when they are given good health insurance coverages for their selves and their dependents. Inclusivity even for those part-time workers and giving them the same health care benefit is always a plus.
Retirement age means that a person will no longer be working and that they are going to spend the rest of their lives just enjoying their free time and not worrying about their financial status. It would be a relief to know that when this time comes, an employee has the right type of pension that can support the lifestyle they will choose. Safe Harbor 401 K plan is one of the most popular plans available. This is especially a very popular retirement plan for most small businesses today. Help employees prepare for their future and allow their money to work for them by getting them the right pension plan that gives better return on investments.
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. It would be cost-effective for the business to work on retaining employees and making them feel satisfied with their work. The three factors above are considered as the most common factors that most employees would look for in a company.