With unemployment at its lowest rate in years, holding onto your employees can seem like a struggle. There are plenty of ways to improve your business and incentivize workers to stick around, but too many businesses feel stalled and don’t know what will really work to lower their turnover. Is your company saying “No” to these nine employee-retaining benefits? You may want to reconsider your position.
The rigid 9–5 of the past is, frankly, something that should stay in the past. Some employees may want to start and leave earlier to make family commitments or events in the evenings. Other employees may want to sleep in in the mornings and leave work later to avoid rush hour traffic. All employees want their company to be saying yes to flexible work hours. Workers at companies with flexible work hours report feeling increased commitment and job satisfaction, meaning they’re less likely to leave.1
Along with flexible hours, employees want to choose where they work from. Between 80 and 90% of the US workforce say they would like to telecommute at least a few days a week, joining the approximate 4.3 million workers who already enjoy this benefit.2 Employees who telecommute experience a better work/life balance, less burnout, and are more likely to stay in their position.
You might think that paid time off is a luxury you can’t afford to offer, but travel is a vitally important benefit to retaining employees. There are numerous benefits of traveling and 78% of HR directors say that the employees who take advantage of vacation time report higher satisfaction at work.3 Working without a break can lead to burnout, resentment, and a high turnover rate.
It isn’t enough to just offer paid time off. Companies who want to keep employees around should offer additional travel benefits and incentives. Programs like Taab can help you retain employees. In fact, over 88% of their users report increased loyalty to their employer. Whether it’s a full benefit or a one-time stipend, you should be saying yes to travel benefits.
Burn out is characterized by mental exhaustion and disassociation from work and the company. Burnt out employees will quit in order to escape negative workplaces or they may be forced to leave by adverse health effects. Three in every five workers reports feeling burnt out in their current job.4 Without mental health benefits to combat burnout, your turnover rates will soar.
If your company doesn’t offer professional advancement for your employees, you may be pushing them right out the door. Of millennials, 87% say that career development and growth are important in a job.5 Without the opportunity to learn and grow, your employees will seek out new opportunities elsewhere.
Employees may not value high salaries over other important benefits, but money still makes the world go round and no one says no to a little extra cash in their pocket. Raises in a current position average between 1 and 3%, while a total job switch often results in a 15% or more pay increase.6 Whether it’s a one-time bonus or a substantial raise, you need to stay competitive with other companies vying for your employees.
Office culture and employee morale can significantly impact the turnover in your business. A study at Columbia revealed that turnover in organizations with a happy company culture is only 13.9% while turnover in companies with poorly maintained office morale is 48.4%.7 Changing the atmosphere in your office requires direct and sustained effort, though the steps to increased morale will differ from company to company.
Employees want to understand and be an integral part of the company they work for. Employers and bosses should be transparent and upfront with employees concerning how the company is currently doing and any future company goals. Being hearty with positive and constructive feedback will help employees know they are doing a good job and keep them engaged. Engaged employees are less likely to leave.
There are a lot of things your company might be saying “no” to that could lower your turnover rate. Consider how adding PTO and travel benefits could combat burnout or how professional advancement might increase company loyalty and engagement. Every step you take toward retaining your workforce is an investment in your company as a whole. Not only will it save you from the high costs of turnover, but it will also result in happier and more productive employees.
Originally published at taabcard.com on December 18, 2018.