The New Face of Employee Retention - Perks Beyond a Paycheck
It is no secret that employees have been in the driver’s seat for quite some time - the job market is competitive, and they have the advantage in calling the shots and essentially “naming their price” from an employer.
However, for some employees, it’s not all about money, and different needs speak to different populations. Employers are now offering new programs and benefits to help attract and retain employees for the long haul:
Perks beyond a Paycheck:
● Educational Benefits: Many students, after high school or college, are thrown into the workforce. While some pursue one or more degrees, others do not, often due to the financial costs of a college education. With the stress of student loans and other fees that shape college life, for some it may not seem worth it, even if it was a dream. Many employers are now fulfilling these dreams for students and offering tuition aid or reimbursement. They may also include fewer hours to allow students to pursue their educational dreams. With this as a benefit, employers are helping retain employees and gain their trust. Employees feel they are being cared for on their journey and supported with their educational and professional goals, highly improving retention rates.
● Focus on Feedback: Feedback is a tool that employers often forget to use but is incredibly useful in helping gain employees' loyalty. In today’s job market, high performers especially can often find better offers from other employers if they start to dislike their current environment. Instead of losing these crucial employees, companies could offer solutions to take in constructive feedback and address it. Even if companies can listen to and value the comments of their employees, those employees will be more willing to work and cooperate with their employers. Forbes states that “feedback-driven conversations help create a more dynamic culture, and this type of mindset creates the best companies.” With more collaboration, a growth mindset, and useful feedback, companies can help not only retain employees but elevate and improve their businesses.
● It's All About the Aesthetic: Employees are returning to work with added stress in their lives during this challenging time after the pandemic, a workplace that values employees wellbeing where they can feel relaxed and comfortable has become incredibly important. Companies like Amazon and Google for example, are revamping their workspaces complete with indoor plants, nearby greenery and trails, and an ascetically pleasing and inspiring color schemes in the office. Wired states that “global research by commercial real estate services company JLL found that 41 percent of workers put outdoor spaces in their top three expectations of a wellbeing-oriented workplace.” Not only has this become an expectation but is also something that employees are actively seeking out when they are hunting for new jobs or deciding whether to stay at their current one. It is a priority that helps to combat the effects of stress in a workplace and can actively help employees improve their mental and physical health.
Value of Onboarding:
There is the initial hurdle of finding and hiring employees, then the next hurdle becomes properly training and onboarding employees. The onboarding process has emerged as the new battleground for employee retention. There has been more employee turnover than ever before with some people are calling it the time of the Great Resignation. Forbes claims that “while up to 20% of employee turnover happens in the first 45 days, 69% of employees are more likely to stay with a company for three years if they experience a great onboarding process. According to Glassdoor, onboarding employees’ costs around $4,000. Even though onboarding can be costly, without clear and demonstrative onboarding, employees can become frustrated and are more likely to make mistakes or feel detached from the company. The Society for Human Resource Management (SHRM) states that more than half (52%) of organizations illustrate how effective onboarding improves employee retention rates. A combination of both digital and collaborative on-boarding can be a great way to help retain employees in this time.
Keeping a pulse on Employees:
Addressing the needs of employees does not need to be a reactionary exercise. Developing ongoing listening posts and/or employee surveys can help to keep a pulse on the needs of employees and tap into how they think and feel. Creating a more formal feedback system is even more important when employees are physically dispersed and are working in a more hybrid model.
empatiX works with clients across industries to identify the needs of stakeholder groups from customers, prospects, intermediaries, and even employees. Employees are often the face of the organization and the first impression that individuals will receive with a brand, making the employee needs even more important. empatiX helps tap into employment insights to help brands understand the importance of key factors affecting employee retention and their brands in general.