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A Beginners Guide To Businesses

Factors that Affect Employee Retention

While it is a dream to work in one, the perfect company doesn’t exist. Top companies around the world still have employees complaining a thing or two, thus you can say that there really is no such thing as a perfect system. But what really makes top companies top companies? What makes their operations so good that their employee turnover is very low?

There are several factors that affect employee retention and it would be impossible to say that all companies share the same issues. Business magazines and those business-related blog sites have listed some of these common denominators.

Flexibility is always one of the factors that potential employees are looking for. Most people who are seeking for employment will always look for flexibility when it comes to their working schedules. The more flexible the working hours is, the better. In this fast-paced generation, nobody would like to stick to working in a job that strictly adheres to an eight to four schedule. If you are a company executive, it would be to your company’s advantage if you find some time to set-up a more flexible working schedule.

A company that values the health of their employees is always a good company. This would mean that company executives find the means to give their workers access to better health care services. Businesses that provide excellent health insurance coverage are always preferred by every worker and they tend to stay longer with the company because of this benefit. Great employers would also give the same benefits to their part-time workers as they also deserve the same health care benefits.

Nobody wants to retire someday and still feel the need to work even at a very old age because of financial needs. It would be a relief to know that when this time comes, an employee has the right type of pension that can support the lifestyle they will choose. Safe Harbor 401 K plan is one of the most popular plans available. This is especially a very popular retirement plan for most small businesses today. Allow employees to make their money work for them and make them invest for their future.

It would be very costly to hire new employees compared to working on making them stay to work for the business. Statistically speaking, it would be seven times more expensive to hire new workers than to retain the good ones. It would be cost-effective for the business to work on retaining employees and making them feel satisfied with their work. The factors listed above are considered as the most common perks that employees would be looking forward to make them stay.