COMPANY CULTURE / MAR. 05, 2014
version 4, draft 4

Perks That Persuade Employees to Stay Also Bring Company Growth

In this present economy, the business climate can make a job seeker or employee wonder if businesses even care about their workers. Diminishing wages, increasing workloads and in some cases, family unfriendly work shifts that include the weekends are becoming more common in mega companies. But a smart company will recognize that in the long run, it’s cheaper to keep ‘em. And when a company truly takes care of its employees, it typically ends up being good for the company’s bottom line.

The cost of replacing an employee is about a third of a new-hire’s wage on average. And then there’s the cost to the reputation of companies that have high turnover. Not only does high turnover make it difficult for the company to build customer rapport and loyalty, but it’s damaging to the morale of the workers within the company.

In addition, it has a negative impact on the quality of customer service that the company provides. It stands to reason that a company with poor customer service probably doesn’t treat its employees very well much less its customers.

This in turn impacts the productivity of the company’s employees. High turnover is becoming a serious problem, especially in companies whose primary tool for customer service is through a call center. But it’s an issue that a company can and should correct if its leadership is interested in being successful over the long haul. A company that takes care of its employees is going to attract top talent.

Companies that recognize the value of keeping their experienced employees around are generally more financially successful and stable. They are also companies that are very employee oriented. They seek out the input of their employees and keep in mind that work-life balance is something that is becoming more important as the baby boomers leave the work force and the next generation of workers begins to take their places.

A smart company that wants to keep its turnover low will actually be proactive in developing a retention strategy for its employees, making a point of finding out what matters to them the most. Ideally, this specific input will be something that a company can meld with its core values and the company culture.

When a company’s core values and culture include things like the ethics of honesty, an open door policy, flexibility, a willingness to work with those who have family responsibilities and other items of importance to employees, it’s going to influence the way that employees think and act. When employees feel that their company actually cares about them and their family, they are much more likely to willingly function out of those same core values to the benefit of the company.

The company culture and core values are items that should be clearly written out and consistently applied. Making a point of including it in functions such as employee training, policies and procedures will aid with consistency throughout each department as the company grows.

Perks that may give a company the leverage to retain quality employees could include things such as flextime, on-site child care, on-site work out center or a discount to a nearby fitness club, quality health insurance package and or course, paid time off to name just a few items.

Other things that often matter to employees are opportunities for advancement, a tuition reimbursement program and not being micromanaged. A sense that their contributions to the company are not only appreciated, but are also openly rewarded is important. Certificates of merit, travel perks, special events passes and pay increases that stem from quality work are certainly going to send a positive message of appreciation that can persuade experienced, top-performing employees to stay. 

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