Employee retention is a major concern for organizations of all sizes, particularly during a time when job openings are at a high. Although the goals, culture and size of an organization will ultimately dictate the optimal way to structure incentives aimed at keeping valued employees on board, there are several offerings that can propel any company to greater employee retention.
1. Paid Time Off Policies
A paid time off policy rolls the sick time, personal time and vacation time of an employee into a single pool of days that they can use at their discretion when taking paid time off of work for any applicable reason.
With a paid time off policy, a certain amount of employees’ time off will be paid hours. They won’t need to provide written notes from doctors every time they are feeling unwell; they could even use the time for personal matters, such as mental health days, attending their child’s play at school or waiting for the cable repair crew to arrive. In this new format, the reason the employee takes the time off is no longer the employer’s business, which helps employees feel respected and trusted.
Restrictions can be placed on this, such as by requiring at least two days prior notice unless an employee is unexpectedly ill. Other guidelines may be necessary when longer periods of paid time off are taken, such as for vacation. Overall, however, this approach puts an end to the need for managers to police the use of employees’ paid time off while giving them some control over unscheduled absences.
2. Flexible Time
Many companies now recognize the importance of offering employees flextime to support their busy lifestyles. This is very easy for many organizations to implement, and it can improve employees’ work-life balance dramatically.
Many employees appreciate the flexibility afforded by this approach. For example, it may allow them to structure their working day in a manner that does not conflict with family needs and responsibilities, such as bringing their children to school or going to the gym.
Another benefit of flexible time is that workers can schedule their working hours during a time period that makes sense for their commute. Avoiding rush hour can potentially shave hours off of employees’ commute time each week, giving them more free time to use at their discretion rather than sitting in traffic.
It can also lead to greater productivity by enabling employees to work at the hours when they feel that they can focus best. Some people are early birds who thrive on getting up and accomplishing tasks before the sun rises, while others are night owls who are most creative in the evening. People who are not naturally early risers can struggle with a traditional working schedule, and starting later can allow them to be significantly more productive and happier at work.
3. Give Employees Remote Work Options
Life changed in many ways as a result of the pandemic, but one of the more welcome effects of this trying time has been the introduction of remote working in organizations that may not have previously considered it. It has become so popular among employees, and so beneficial to organizations, that it is moving from being an emergency measure to a long-term business evolution in many organizations.
The benefits are numerous. Working at home gives parents with childcare responsibilities much-needed flexibility, and it also enables people to improve their work-life balance. The time and expense of commuting is eliminated with remote work, and many workers in roles that do not require a video presence also find they save money on work attire.
It can also lead to greater productivity because employees are not starting their day after waking up early and enduring a stressful commute. Instead, they can wake up at a more reasonable hour and begin their workday in the right frame of mind. This not only helps employers but also increases employee satisfaction.
4. Offer Career Opportunities
Many employees initially enjoy their job, but eventually realize that they do not have anywhere to advance or grow within the organization. When long-term employees leave, many do so because a competitor can offer them more upward mobility. There are a few ways this can be addressed depending on the size of the company.
The most obvious route is moving employees into management positions, but some workers may be happy moving from one function to a different one. Managers might also find roles that align with individuals’ talents, such as moving a salesperson with technical aptitude and a strong interest in computers into an IT role. If nothing else, make a point of letting current employees know about job openings within the company before recruiting externally.
5. Provide Employees With The Right Technology and Equipment
If your employees’ monitors or printers are relics from a previous decade, consider giving them an upgrade. Modern technology is often far more energy-efficient than outdated devices, and newer technology that functions properly can reduce frustration for employees.
This can also apply to software. These days, there are many types of software that can automate some of the more tedious tasks that consume a significant portion of your employees’ time which can lead to boredom. For example, those who are responsible for staff schedules could benefit from scheduling software, while other tools can make processes involved in marketing and accounting far easier to manage.
You should also check whether your employees’ desks and chairs are comfortable and meet current ergonomic standards. Employees who must work in uncomfortable positions for long hours are more likely to leave their role; show them how much you care about their work experience by giving them the best equipment your budget will allow. Currently, standing desks are particularly popular and can help give employees a chance to stretch their legs.
Contact the Benefits Consultants at Business Benefits Group
Finding the right incentives to keep talent on board can be complicated, and having experts in the field guiding this process can make your efforts more successful. To find out more about how to improve employee retention, schedule a consultation with the experienced benefits consultants at Business Benefits Group (BBG) today.