There really is no such thing as a perfect company. Top companies around the world still have employees complaining a thing or two, thus you can say that there really is no such thing as a perfect system. So what makes top rated companies on top of the competition? What makes their operations so good that their employee turnover is very low?
There are several factors that affect employee retention and it would be impossible to say that all companies share the same issues. Business magazines and those business-related blog sites have listed some of these common denominators.
Flexibility is always one of the factors that potential employees are looking for. Potential employees will always look for flexibility in their working hours when they seek for employment nowadays. It is always an advantage if you work in a business that has flexible working hours. In this age, not everyone is interested to work in a job that strictly follows an eight to four schedule. Company executives should find the time to assess the working hours of their employees and if possible, give some flexibility to their schedules.
The welfare and the health of every employee should also be given great importance by company owners. Better access to health care services is what most workers would be looking for when they seek for employment. Businesses that provide excellent health insurance coverage are always preferred by every worker and they tend to stay longer with the company because of this benefit. Inclusivity even for those part-time workers and giving them the same health care benefit is always a plus.
When retirement age comes, nobody wants to keep on working because they don’t have the resources to support their lifestyle. When retirement age comes, it is comforting to know that you have pension to support your lifestyle. Safe Harbor 401 K plan is one of the most popular plans available. Most small companies choose this pension plan for their employees to help them earn better retirement days. 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.
Hiring new employees is costly, in fact, it is more expensive compared to working on making them stay. Hiring is seven times more expensive compared to keeping the tenured employees in the company. It is, therefore, a strategic move for business to work on making their employees happy and satisfied to make them stay with the company. The list above are three of the most common things that would make an employee stay with the company.