Top 10 Ways You Can Improve Employee Retention
The business world is getting more competitive everyday and top talent is in high demand. If you aren’t making your top workers happy, it might occur that another company steals them from you. We have listed 10 tips that will help you make sure your employees are around for many years.
Employee retention has become a challenge these days. Corporate wellness programs help companies with this. What companies also can do is provide their employees some ‘extras’, for example by encouraging them to make healthy food choices, exercising and stress management programs. These are all great ways to ensure that employees remain loyal and satisfied to your organization.
Health care costs are a huge expense, so for companies and organizations, it is very important to keep employees healthy. Corporate wellness programs can be the right tool for that. Numerous studies have in fact shown corporate wellness programs to create healthier and more productive employees. The program can benefit both the employee and the employer.
We have listed 10 ways to improve your employee retention!
1. Create the Right Culture
Finding employees who will feel a strong bond with your company starts with creating an environment that attracts those employees.
2. Hire the Right Employees
As you’re screening candidates, pay close attention to signs that you may have a job-hopper. You should look for someone who is interested in growing with your company rather than getting experience to take somewhere else.
3. Offer Training
When you take your employees’ education seriously, they see it as an investment in their career.
4. Provide Guidance
Your employees should be fully aware of their job duties and how they’re doing in performing them. You can achieve this by first having a job plan in place and offering regular feedback on an employee’s performance.
5. Pay Well
Most of the time employees think they can get a 10 to 20 percent salary increase by simply moving from one company to the next, which makes jumping ship attractive.
6. Don’t Punish Competence
Managers must make an effort to let top performers know their hard work isn’t going unnoticed.
7. Be More Flexible
Workers have expressed a preference for flexible working conditions.
8. Offer Benefits
You can try to provide things they won’t get elsewhere, for example the ability to work from home, more flexible vacation offerings, and performance bonuses.
9. Provide Unique Perks
Another way businesses can compete without it being too expensive is through offering extra’s they can’t get elsewhere.
10. Don’t Take Yourself Too Seriously
If you can manage an environment where employees feel rewarded and gratified, you will decrease the chance an employee leaves because of boss.
Study Says Corporate Wellness Programs Improve Employee Retention
Arriving research is now suggesting that apart from improving employee productivity, fewer employee sick days and reduced absenteeism, organizations that offer corporate wellness programs also benefit from higher employee retention rates.
Using a wellness program is helpful in reducing the company’s health care costs, states Employer Wellness.org. Most of the employers subsidize health insurance for employees, and, after the passage of the Health Care Reform Act in 2010, CBS News reports, companies with more than 50 employees will be fined if they do not provide coverage for employees or if employees receive federal subsidies to pay for insurance. Since a corporate wellness program can lead to healthier employees, wellness programs can reduce the company cost for their employees’ health care. In addition, companies with a wellness program experience reduced disability costs and health care premiums, and employees tend to file less health insurance claims.
A wellness program normally provides a lot of health care initiatives. It may include exercise programs, nutritional advice and medical help. With such initiatives, illness and disease are most of the time reduced. When employees actively participate in the programs, the incidence of heart attacks, strokes and diabetes can be reduced as well. Program participants may also have lower rates of chronic conditions such as obesity, high blood pressure and high cholesterol. Overall, this results in a healthier staff, which most of the time results to a happier and more productive staff. Wellness programs also reduce employee stress while increasing their job satisfaction and morale. Increased employee productivity is actually a bigger benefit of a corporate wellness program for most companies than lower insurance costs, according to a paper published in Michigan Journal of Public Affairs.
The latest “Principal Financial Well-Being Index 2011” survey carried out by Harris Interactive in the United States for the Principal Financial Group amongst 1,127 workers and 520 retirees show that almost half the employees (45%) at mid and small sized organizations say they would stay longer in their jobs if their employer sponsored corporate wellness programs. The rising health care costs along with high unemployment rates and job instability have motivated employees to further value the benefits of corporate wellness programs.
The 2011 study also showed that about 47% of the employees were either already participating or willing to take part in these corporate wellness programs. Apart from that, employees also demonstrate an interest in health and wellness programs such as gym discounts, office fitness equipment and weight management programs. Most of the reasons for wanting to participate in wellness programs include health maintenance and longevity (30%), lower health care costs (30%), lower stress (28%), and employer incentives (28%).
How to Successfully Implement Corporate Wellness Programs
It doensn’t matter if you are implementing a small in-house corporate wellness program or using the services of professional corporate wellness organizations to manage your employee wellness programs, actively promoting your program is of primary importance to achieve employee satisfaction and higher employee retention.
Active promotion is important because any corporate wellness program will fail if at the end of the day, your employees don’t participate. You can help promote your corporate wellness program by leveraging someone who is already motivated to take care of their health.
For example, if you have an employee who is into physical fitness and sports. This employee can then promote participation in the corporate wellness activities and health talks which you have organized.
What you also need for a successful corporate wellness program is to begin at the top. Get the support of the top position of the company, as this will set an example for the rest of the employees. Another huge factor that will determine the success of the wellness program and improve employee retention, is program accessibility. If your employees find it hard to enter the program, they could lose interest in the project altogether. So what needs to be guarenteed is that your program is designed such that workers can easily get the benefits of the wellness program.