6 Real Employee Retention Strategies that Get Results
We are experts at hiring. It’s what we do. However, we understand that in a perfect world, you’re probably not hiring. You’ve got a staff of high-performing passionate employees that are in it for the long haul.
Unfortunately, the reality is that you’re hiring more often than you should (let the record show that we’re not complaining, it’s what keeps the lights on). The best way to cut down on the frequency (and cost) of hiring is a great employee retention strategy.
Now that’s not really our area of expertise. We find great people, it’s your job to keep them. We looked at Time Doctor’s report of real HR teams’ real retention strategies to offer you 6 that you can implement today:
Contently’s HR team designed a combination of benefits and systems that make working for the team fun and flexible. One common strategy they’ve successfully implemented is unlimited vacation and flexible work hours. With that, employees are able to establish their own version of work-life balance, as long as they’re getting results.
Another strategy that keeps employees with the company long-term: 2 month paid sabbatical for long-term employees. For Contently’s team, that was the five year mark. Employees use it to take a long vacation, pick up new skills, and even combine it with maternity/paternity leave for a few extra months of snuggles.
Airbus operates on three continents, which gives it a bit more flexibility than more companies to attract and retain employees that crave adventure. However, the foundation of their retention strategy is simple and easy to implement: Listen to your employees, and let them work where they will be the most valuable.
In their specific case, Airbus is able to hire innovators and move them from project to project (and country to country) in order to keep them working towards new and exciting goals. You can implement a similar retention strategy by simply offering the tools and guidance that employees need to maximize their performance. Career advancement opportunities, certifications, and continuing education show that you’re willing to invest in your employees’ long-term goals.
Ceridian has a lot of great ways they maintain a healthy company culture and retain talent. Most importantly, they promote from within as much as possible.
Having a formal (and common knowledge) process for moving people into new roles within the company help to create a sense of ownership within the ranks. With people switching jobs more often than in the past, growing employees internally is the best way to retain talent and build new leaders.
NVidia has one of the best retention rates in Silicon Valley, and a big part of that is the fact that they invest in more than just their employees’ professional lives. They put a great deal of emphasis on families and communities by offering benefits and programs that promote a health work-life balance.
On a smaller scale, you can implement quarterly events that include your employees’ family members- from spouses to kids to golden retrievers.
PCL offers employees an “employee ownership” model where all salaried employees have the option to share in profits of the company. Today, 90% of their employees participate in the program, which PLC has deemed their secret sauce for retention.
Don’t want to give up stock? You might change your mind when you hear that their retention strategy nets over 50% retention for more than 5 years. 10% of their team has been with the company for more than 20 years, 23% has been with the company more than 10, and 18% has been with the company for more than 5.
Zendesk uses CSR to ensure that its team is motivated in and out of the workplace. Employees are encouraged to help the local communities in any way they can- working in soup kitchens, teaching coding classes, playing bingo with seniors.
The HR team believes that adding a little bit of community activism to the team’s daily life gives people something to be proud of when they go home- even if they had a frustrating workday.