Keep Employee Retention Rates High With Unique Compensation Strategies
In a climate where job-hopping is the hottest trend, an enticing employment compensation package is the key cold front to cool the storm. Successful managers offer multi-faceted packages that aim at improving their employee's quality of living, rather than completely focusing on padding their employee's pocket book.
Various companies currently are expanding from the contemporary compensation packages of stock options and benefits with good results. For instance, the August 2000 issue of Inc. Magazine reported that DWL, a Toronto based customer-relationship management company, gives each of its workers $1,000 a year - only to be used on something fun. That doesn't include paying off a credit card bill or contributing to a retirement fund. The only condition of the program is that the employees have to post pictures of their fun outing on a centralized corkboard so everyone can enjoy the experience. DWL started this enjoyment-based compensation in 1996 and since its debut the company has held a 98 percent retention rate, Inc. reported.
DWL's high retention rate is rarely heard of because the concept of a career with a single company is long gone. People today not only change jobs at least three times in a lifetime, but a good portion of the population changes careers multiple times.
By implementing the following workplace perks, you may be able to recruit the most talented employees and maybe even retain them as well.
- Offer different services for employees to pick from to match the different lifestyles that they lead. For instance, anything from an on site day care to laundry services or a daily supply of bagels, are convenient amenities that help working be more hassle free.
- Promote a humane environment where employees feel appreciated for their hard work. An upbeat attitude with smiles and compliments floating in the air boasts morale and can motivate productivity.
- Don't keep employees bundled up in sterile cubicles with low light shining above. Have weekly meetings in different locations outside of the office, such as the local coffee shop or restaurant where the first round is on the company.
- Sponsor weekly contests or events that are team oriented. Provide gift certificates, baked goods or an extended lunch hour as the rewards.
- Share the wealth of any fringe benefits the company receives with all employees, such as sports, music or other event tickets. The holidays are a good time to distribute gifts like this when one would enjoy attending a fun event following a stressful time of the year.