High employee turnover is costly in terms of time and productivity.
Hiring the right employee is just the one step on the path to building a strong work team. A retention strategy will help you hold on to the employee you have worked so hard to hire.
A successful retention strategy begins with a positive work environment and competitive benefits. It also includes tactics that reinforce employee loyalty to the company. Loyalty is built over time by actions that show the business trusts, respects, and is committed to the well-being of the employee.
Benefits are non-wage compensations that a business provides to its employees. The purpose of benefits is to enhance the employees‘ financial security. A competitive benefits package can help a business attract and retain employees.
COMMON BENEFITS include employer-paid insurance, paid vacation, sick leave, profit sharing, tuition reimbursement, employee discount programs. To further boost morale and employee engagement, a business may offer work environment enhancement benefits such as flex time, work place wellness, company functions that include families, project completion incentives and recognition programs.