At Experience Factor, we recognize that recruiting is just the beginning. After hiring the top talent, the second half of the battle is retaining them. Most organizations offer benefits and retirement savings plans to full-time and, sometimes, part-time employees. According to a 2013/2014 survey, half of respondents say that good benefits are a main reason why they stay with their current employer. There are additional offerings that companies can add to boost their benefit programs and retention percentages – and they don’t even have to cost much.
Here is what you need to know:
Top talent does not necessarily make career changes in search of a larger paycheck.
While additional income is always welcome, one of the most important factors in retaining talent is career advancement. Companies with defined career paths or opportunity for inside growth tend to have higher retention rates.
Know the value of your talent; pay them and treat them accordingly.
Acknowledging what your top performers are worth and compensating them generously will definitely help with retention. However, it is also essential to give employees a safe place to create, explore their talents and interests, and solve problems their own way. This will give them a sense of ownership and pride.
Recognition for a job well done will do wonders.
This act of appreciation doesn’t need to be monetary. If a staff member or team has gone above and beyond, a handwritten note, a lunchtime celebration, an extra vacation day, or a luxurious massage certificate shows that you value their hard work, time, and dedication.
Here are several other ideas that are no to low cost and have huge return:
Flexible working hours – The ability to have flexible hours is a massive benefit for nearly all employees. This is one of the most desired perks in today’s society, which values work/life balance more than ever.
Commuting assistance – Some organizations (especially in busy cities) offer public transportation passes, shuttle services, or subsidized parking.
Continuing education – Tuition reimbursement can be expensive, but there are now numerous options for professional development. Lynda, Coursera, and Udemy have various offerings that are minimal cost. If an organization plans on offering continuing education, it should also allow time during the day to complete the coursework. 30 minutes several times a week will allow the team member time to succeed in the course without having to squeeze it in after work.
Think beyond the basic employee benefits of healthcare and retirement savings plans to retain current talent and attract the best of the best.