Employee Retention Strategies and Ideas That Work

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Cost-effective ways to attract and retain the Best talents

One of the toughest challenges that employers are faced with is being able to retain good employees. Finding them is one thing but keeping them within the organisation is not as easy as it seems.

We should add here that while some employers work under the illusion that only an increase in salary is all it takes to retain exceptional talent within their company, this is actually not the case and this article will dwell on cost-effective ways to retain your best hands. Interestingly, a 2015 Robert Half research revealed that 43% of CFOs are more open to discussing and negotiating non-monetary perks compared to a year earlier. Some of these perks include;

 

1. Additional time off work

Employees love to know that the organisation they work for respects the fact that they have a life outside work. There are several ways to use giving additional time off work to retain good employees.

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  • Paid day off for birthdays: A personalised day off can help employees feel special.
  • Extra time off around holidays: Consider offering extra days around holidays, especially if your business slows a bit.
  • Paid time off for community service: Encouraging time off for volunteering is an easy way to show you support giving back to the community.
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  • Additional maternity and paternity leave: Offering extended maternity and paternity leave can also be used to negotiate with employees.
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  • Flex time: If you can’t offer regular remote time or complete flexibility, consider options like a work-from-home day once a month or half days every other Friday.
  • Unlimited paid time off: Trusting workers to choose how much time they take off can improve their chances of getting work done on time.

 

2. Look into health and wellness

As an employer, it is time you took the total health and wellness of your employees beyond having a fully stocked First Aid box in the office. Some strategies you should consider include:

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  • Free food and drinks: Keeping the refrigerator and pantry stocked with complimentary healthy food and drinks helps employees feel at home.
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  • Gym memberships: Healthy employees can cost companies less and company gym memberships allow employees to form social bonds outside of the office.
  • Company-sponsored sports teams: Purchasing jerseys with the company logo is also a great advertising opportunity.
  • Mental health stipends: Consider providing an allowance to talk with a licensed therapist or other mental health professionals.
  • Nap room: To boost alertness and productivity, many companies offer nap rooms where employees can recharge during work hours.
  • Office spa services: Bringing in a masseuse every once in awhile is a great stress-reducing treat.

 

3. Additional strategies to consider

Other perks that can go a long way in helping you retain your best hands include:

  • Subscriptions: These can include magazines, newspapers and movie streaming subscriptions.
  • Tech for new hires: While a tablet or computer isn’t inexpensive, it’s a tangible alternative to a cash hiring bonus.
  • On-site childcare: Allocating a part of the office to child care with licensed caretakers can take a lot of strain off your employees who are parents.
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  • Time-saving services: These time-saving services include dry cleaning, theatre tickets, car services (oil changing and washing), meal catering and tickets to shows and events.
  • Free classes: Allowing employees to take classes during their free time can encourage career growth and creativity.

Employee Retention Strategies

A few perks here and there can go a long way in company culture and employee satisfaction and retention.

Which perks do you consider most valuable? Tell us in a comment below.

Samod Biobaku
A Nigeria-based writer and blogger who has written and edited for top brands including The SUN, Punch, Newswatch, Pulse.ng, Bigsam Media, Nigerian Bulletin, Swish Interativ, Hello Nigeria, National LIFE, iCampus, Jobberman and Cheki.