A recent article, 3 Proven Strategies for Reducing Employee Turnover by Brian Hughes says that working with the same company for over two years will reduce a lifetime earnings by about fifty percent– not much incentive for the employee to stick around. It’s worse for companies–high employee turnover can harm your company and give impression that your business is not a desirable place to work.
Here are three ways to trim down employee turnover and increase employee satisfaction even if you really can’t provide more than a three percent raise.
Provide competitive benefits.
Working remotely from home or a shared office space and flextime are two coveted benefits that can boost employee satisfaction. Employees with flextime tend to be more satisfied at work. They maintain a greater sense of autonomy over their schedules. Ability to manage work and home life has great impact on career choices and aspiration to stay at a certain company.
Empower employees with career enhancement.
Employees that feel valued and perceive a bright future path with their present company are less likely to jump ship. Think of conferences or employee training programs your business can offer. For instance, employees can attend conferences on tax codes or technical implementation that are both beneficial to employees and company.
Create a supportive workplace culture.
A supportive workplace culture can boost employee happiness. For instance, you may want to take a replicate Silicon Valley’s strategies by providing Millennial-coveted perks like free meals and gym access or sports facilities. Letting employees bring their dogs to work is a new trend as well. Think on investing in an office aquarium or personal pet goldfish for employees if your team office space isn’t a good fit for dogs.
Following the techniques above and providing an attractive and modern workspace will surely reduce employee turnover. YourOffice has come alongside hundreds of business looking for everything from plug and play offices to full service virtual offices. We know your business is unique, and your office space shouldn’t be any different. Let us match the perfect space or service to fit your business needs.