Over the past two weeks, we have discussed things that companies can do in order to increase employee retention rates. As we have mentioned previously, this can save a company a substantial amount of money that would otherwise be spent on interviewing and onboarding.
A big way to improve employee retention rates is to address your corporate culture. This is something that successful companies such as Google and Facebook are investing a lot of research in. As you probably know or suspect, these companies do not have much of a problem when it comes to hiring and retaining top talent. In fact, many people are incredibly anxious just to get their foot in the door and many be extremely hesitant to consider another position.
So, what exactly are these companies doing that have such a positive effect on employee retention rates? The answers might be simpler than you would have thought.
Food has proven to be a huge motivator. Both of these companies offer their employees free stacks and gourmet meals in the cafeteria. Facebook even gives its employees a happy hour before the weekend. Not only does this show employees that they are valued, but it gives them a reason to stay on campus and continue to bond with their colleagues when they might otherwise be taking a long lunch or interviewing for other jobs.
Google and Facebook also give employees resources to improve their health. For example, there is free onsite medical care and fitness centers that employees can use before and after work, or throughout the day for a quick break. This makes sense that there is often a lot of stress around getting sick and taking time off of work. These companies help to remove this stress and let employees know that they are supported and cared for. For this reason, employees actually tend to take less sick time than they do in other organizations.
These companies offer additional perks, like having their laundry done, offering daycare services, getting haircuts or massages, or even free transportation with Wi-Fi. Essentially, these companies have looked at the various things that offer stress in their employees’ lives and sought to find ways that they can help address these issues. This not only gives employees more undisrupted time to focus on their work, but it reiterates the idea that they are cared for and appreciated.
The talent management programs at these companies have been incredibly successful. Not only do these see higher quality talent applying for open positions, but there is also a low rate of turnover and high company morale. Of course, not every company will be able to offer all of these perks, but there are likely still issues that you can potentially address. You will want to start by talking to your employees about the things that matter most to them or could make the greatest positive impact on their lives.