Questions About Services You Must Know the Answers To

Factors that Affect Employee Retention

While it is a dream to work in one, the perfect company doesn’t exist. If you are looking at even the top rated businesses around the world, you can still hear employees griping about something, and that’s normal. So what makes top rated companies on top of the competition? What makes their operations so good that their employee turnover is very low?

While it is easy to say that the answer to this question is no rocket science and that it has long been figured out, one cannot put in a single box all the things that employees would want to make them stay. Business magazines and those business-related blog sites have listed some of these common denominators.

One of the most common factors is flexibility. Most people who are seeking for employment will always look for flexibility when it comes to their working schedules. It is always an advantage if you work in a business that has flexible working hours. In this fast-paced generation, nobody would like to stick to working in a job that strictly adheres to an eight to four schedule. If you are a company executive, it would be to your company’s advantage if you find some time to set-up a more flexible working schedule.

The welfare and the health of every employee should also be given great importance by company owners. Access to health care is one of the things that every worker would look for. The more generous the health insurance coverage is, the better to make employees stay longer in the business. 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. It would be comforting to know that when this time comes that you have the resources and pension to support the rest of your life. The Safe Harbor 401 K plan is a very popular pension plan that is being used across the United States. Majority of small ventures nowadays makes use of this popular retirement plan for all their workers. By giving employees access to this pension plan, company executives are not only preparing them for their retirement age, they are also giving them the opportunity to let their money work for them.

Hiring new employees is costly, in fact, it is more expensive compared to working on making them stay. Statistically speaking, it would be seven times more expensive to hire new workers than to retain the good ones. That being said, company executives always make it a point to keep their employees happy and satisfied. The list above are three of the most common things that would make an employee stay with the company.

Suggested Article: site web