Employee retention is the process where the company tries to tempt its employees to stay in the company and not go out looking for a better job opportunity. It is of utmost importance for an employer to retain its staff because it saves a lot of money and smooth functioning of the workplace.
How the company retains its employees?
By giving them what they want. Some of the benefits that companies of today are giving are:
- Financial needs: health insurance, education debt repayment plans, legal counseling etc.
- Work-life balance: giving them flexible working hours, time-off, goal completion vacations, telecommuting etc.
- Office amenities: suitable furniture, subsidized meals, relaxation rooms for power naps, gaming facilities such as ping pong, video games and gym.
It’s like taking care of your employees well being like a family.
If companies are unable to retain its staff then they have to spend money on finding new recruits, pay the bills during separation, workplace has negative energy when someone from the team resigns or quits and rather than focusing on revenue making the employers energy is diverted in settling his work space.