Real Life Employee Retention Secrets
Retaining workers is as difficult as it has been in a while, as low unemployment across the United States gives laborers an abundance of options. In fact, one in four workers left their jobs in 2018, according to a study released this spring by the Work Institute.
As tough as it is to keep workers from moving on, it can be done. Here are a few ways real companies are succeeding at retention, according to a recent blog post from Business 2 Community:
1. If a company can pay an employee more, they should. Business 2 Community cites Costco Warehouse, which pays its employees much higher on average than Walmart. The blog post argues companies like Costco Warehouse are able to offer higher pay because their low turnover means the company is spending less to hire new employees.
2. Empower employees and they will appreciate it. For example, Clif Bar’s employee stock option has been a key reason why many of its employees are happy and sticking around.
3. Netflix keeps its turnover low due in part to a test it conducts that reveals if an employee is likely to leave the company. If the employee does in fact show they’re likely to bolt, the company shows them the door — not the other way around.
4. Hyatt Hotels succeeds at retention do in part to its commitment to train its employees for career advancement. They also rely heavily on employee referrals when searching for a new candidate.
To read the rest of Business 2 Community’s list of companies succeeding at retention, click here.
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