Steps to Providing Employee Benefits for Employee Retention

Written By Steps To Faculty Published May 1st, 2010

Good employees are hard to get and even harder to keep at your company. There exists a two-way relation between an employer and employee. The employer gets their business operations completed by employees and at the same time employees get paid for their services rendered. As a business owner you know that some employees are more diligent than others when it comes to your business. These are employees you would like to keep. How? Find out.

Step 1 Allow employees to help in decision making

Many employees truly want to contribute to your business, not just collect a biweekly paycheck. By allowing employees to help with managerial decisions, or at least ask for their input, you help make all employees feel valuable, especially the productive ones. For example, have a company meeting the next time you have a new product you would like to launch. Their ideas can boost profits and make valued employees feel a part of the firm.

Step 2 Pay your employees what they deserve

Review salary information individually with each of your employees and find out how much is required to retain your best employees. Negotiate a deal that seems reasonable and is the median average salary paid for an employee, given cost of living adjustments, for a particular job function. Find salaries at Salary.com.

Step 3 Talk to your employees

The dedication of the employee is easily obtained once you know their requirements. Talk to each employee and find out what they want. At the end of the day, the fact is no one works for charity, but employees are willing to compromise if other perks, such as a day off is offered.
AT&T practices this policy and has few employees that leave in under ten years.

Step 4 Create flex hours and job sharing program

Work and life balance is a major issue for nearly all of your employees. Offer your valued employees a day to work from home or ask if two employees can engage in job sharing. Communicate your willingness to help a good employee create flexible hours to accommodate their schedule. Two of Forbes magazine’s top rated companies, Wegmans and Publix markets, use this program and also profit sharing and have less than 1% annual employee turnover rates.

Remember, the loyalty of an employee should not be compromised at any cost.


Roger Due

Investing in Your Destiny® & Coaching Program - Wealth Building Summit Dallas, Texas

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