Employee Retention Programs & Strategies
The labor market is becoming smaller as baby boomers retire, even as the job market continues to widen. Employers in search of the most qualified workers are fighting tooth and nail with their competitors. As soon as bright employees are hired, companies often struggle to retain these talented individuals in their positions and must work to not lose them to another company.
Today’s workers are also not as fully committed to companies as they once were, nor are employers celebrating dedication with token gifts for long years of service. In fact, a vast majority of the labor market population will have four to six job changes within a specific profession over the course of their career. This is no longer a stigma; it is the norm and it can be extremely costly for employers when factoring in lost productivity and replacement costs.
To combat these trends, employers need to get creative, and employ recruiting and employee retention programs to attract and keep quality employees for the long haul. According to a recent WorldatWork report cited in Employee Benefit News, offering health care benefits or insurance, telecommuting options, and vacation perks helped companies retain solid employees for the long term. In addition, on-site day daycare, flextime, and retirement plans were also very popular with employees when determining where they should work, according to the report.
Employers now have to go beyond health care benefits and other basic incentives to entice employees to stay. They need to tailor their benefits packages more specifically to their employees to address and manage expectations. According to Employee Benefits News, younger workers desire more feedback from management and the ability to constantly discuss where they can move and advance. On the contrary, more seasoned workers value work/ family balance assistance, flexible scheduling, more health care benefits for employees, and extra time off.
To retain good employees of all generations, employers should consider their workers’ unique needs and then create employee health benefits packages accordingly. Need more information on employee retention programs and techniques? Contact Clark and Associates today.