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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? How did they work on ensuring their employee retention is higher compared to other businesses?

It is said that the elements of high employee retention has already been figured out, but there remains to be a number of factors that it is nearly impossible to say that everything is applicable to all companies. Business magazines and business-related blog sites continue to collect the most common of these factors.

One of the most common factors is flexibility. Whenever it is that one is seeking for employment, one of the things that are being asked for is how flexible the work schedule is. The more flexible the working hours is, the better. 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.

A company that values the health of their employees is always a good company. 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. Top employers offer the same set of benefits to all their employees, even to those part-time workers in the company.

Nobody wants to retire someday and still feel the need to work even at a very old age because of financial needs. When retirement age comes, it is comforting to know that you have pension to support your lifestyle. 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. Allow employees to make their money work for them and make them invest for their future.

Statistically speaking, hiring an employee is more costly than working on retaining them. Hiring is seven times more expensive compared to keeping the tenured employees in the company. That being said, company executives always make it a point to keep their employees happy and satisfied. The three factors above are considered as the most common factors that most employees would look for in a company.

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