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Wondering How to Retain Your Employees? Learn from the Pros!

Thursday, June 13, 2019
Retaining the best-performing employees is valuable for any company. Those with high employee engagement usually enjoy success and are more profitable. Let’s see how you can plan recruitment strategies and witness a high retention rate.

4 Employee Retention Strategies that Work 

 
  • Pro-Retention Company Culture: One of the best pro-retention ideas is to help your employees make their next job move within the company itself. This will promote a healthy pro-retention culture.
  • Retention Interviews: The purpose of retention interviews is to discuss with your employees if they are enjoying working for the company or not. Retention interviews are for understanding what you can do to secure the retention of the employee.
  • Retention Bonuses and Incentives: The idea of retention bonuses and incentives is to give them incrementally to the employees. When employees know from the start that they will get constant bonuses each year, they will choose to stay with the company and employee retention will be high.
  • Career Coaching and Development: Provide the employees with development resources they would need to learn new skills. Arrange for training programs, online courses or skill development tools to help employees improve their skills. These skills will, in turn, benefit them through their career in your company.
 

6 Companies with Amazing Employee Retention Ideas


Let us look at how some companies managed to retain their best employees.
 
  • CarMax
Instead of laying off their employees during the recession, they chose to do the opposite and focused on employee retention strategies. They invested in their employee training and development programs. They wanted to empower the existing employees to earn raises and get promoted in the company.
They also implemented their employee ideas through feedback to improve the customer experience. Such ideas were rewarded through employee recognition programs.
 
  • Charles Schwab Corporation
This organization focuses on securing the financial future of its employees. They offer a 401(k) matching system which can be boosted with rewards from the employee recognition program.
 
Most of the workforce also participates in the corporate bonus plan. The staff members are offered complimentary personal Charles Schwab financial consultations and support.
 
  • Hyatt
They offer an incredible training program. It also has a tradition of hiring from within by identifying potential leadership candidates from the existing workforce.
 
One of their retention strategies includes hosting an internal culinary competition at local, regional and national stages. In these challenges, the chefs are given a chance to push the boundaries and create new dishes. The winner gets an extra week of vacation, two airline tickets and a free stay at any Hyatt in America.
 
  • Inchcape
Inchcape’s company values mainly revolve around its societal and environmental impact. They are transparent about their carbon footprint and constantly work to decrease its greenhouse gases emissions. They keep employees, clients, and the global community on top of all of their statistics.
 
The company works hard to align its employee recognition program with these values. Employees living by the company culture and values are awarded with financial rewards, services and discounted new cars.
 
  • Solstice Mobile
This company gives small but frequent raises or increased promotions through the year rather than doing it annually. They promote 5% to 10% of their staff every quarter, with an average salary hike of 14%.
 
Additionally, they have two more rounds of salary evaluation each year.
 
  • Patagonia
Patagonia focuses on making life easy for working parents. They offer generous paternal leave and offers on-site childcare centers for those with children. 
 
The parents can stop any time at these childcare centers and eat lunch with their kids. They also arrange a bus for school-aged kids who can come to company headquarters to meet their parents and have a snack with them.
Patagonia pays for parents who have to travel to bring their partner or a nanny. This reduces the burden of work travel and employee burnout. This way they increased their talent retention rate.
 
Employing the right kind of retention strategies will ensure that your best talent stays with you for years. 
 
Author Bio: Kelly Barcelos is a progressive digital marketing manager for Jobsoid - Applicant Tracking System. She is responsible for leading the content and social media teams at work. Her expertise and experience in the field of HR enables her to create value-driven content for her readers - both on Jobsoid's blog and other guest blogs where she publishes content regularly.