How to Attract and Retain the Best Employees in the Market?
While it is a dream to work in one, the perfect company doesn’t exist. Even in top rated companies, there are still employees who continue to complain about the system in the company. So what makes top rated companies on top of the competition? What makes their operations so good that their employee turnover is very low?
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. There are, however, some common factors that business magazines and online business-related sites have gathered.
Flexibility is always one of the factors that potential employees are looking for. Most people who are seeking for employment will always look for flexibility when it comes to their working schedules. 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. 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. 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.
Nobody wants to retire someday and still feel the need to work even at a very old age because of financial needs. 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. Safe Harbor 401 K plan is one of the most popular plans available. 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.
It would be very costly to hire new employees compared to working on making them stay to work for the business. It is said that hiring costs seven times more than keeping a good employee. 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.
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