Because in this job market, we can use all the help we can get
By Daniel Abramson, HRSource
Hopefully you’ve had a chance to read my companion column, “Nine Tips to Boost Employee Retention.” Given how tight the labor market is, it can’t hurt to offer four more ideas on the subject.
If you look at successful organizations with effective retention strategies, their approach can be summed in three simple words: respect, recognition and reward. That’s what you’ll find in the following four tactics, which can readily enhance and reinforce your company’s employee satisfaction factor.
- Conduct “stay interviews” to prevent having to schedule exit Interviews. If you want a medical analogy, this is akin to a checkup vs. an autopsy.
- Meet informally with your “A-players,” especially as we approach the end of the year, when people tend to reassess their situations. Maybe a cup of coffee or a quick breakfast?
- Consider paying an annual retention bonus. If you already award discretionary bonuses, rename them retention bonuses, which can be more impactful.
BrandSource Hall of Famer Tom Balistreri, co-owner and merchandising VP of Colder’s in Greater Milwaukee, brought to our attention an interesting twist on this tip. According to the Milwaukee Journal Sentinel, premium dog food maker Stella & Chewy’s nipped their high turnover rate in the bud by agreeing to pay each employee a bonus of as much as $15,000 if the company could halve its voluntary departures over three years.
- Pay your employees half of all their unused sick days. This rewards them for showing up for work rather than encouraging them to take paid time off.
Daniel Abramson is managing lead of HRSource, a comprehensive collection of customized employment tools and turnkey solutions exclusive to BrandSource members. Contact Daniel at (540) 535-8484 or firstname.lastname@example.org.