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Factors that Affect Employee Retention

While it is a dream to work in one, the perfect company doesn’t exist. Even in top rated companies, there are still employees who continue to complain about the system in the company. So what makes top rated companies on top of the competition? 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 business-related blog sites continue to collect the most common of these factors.

One of the most common factors is flexibility. 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 age, not everyone is interested to work in a job that strictly follows an eight to four schedule. Company executives should find the time to assess the working hours of their employees and if possible, give some flexibility to their schedules.

Businesses that give importance to the welfare and health of their employees are always good employers. 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.

When retirement age comes, nobody wants to keep on working because they don’t have the resources to support their lifestyle. When retirement age comes, it is comforting to know that you have pension to support your lifestyle. Of all the pension plans available, the Safe Harbor 401 K is deemed as one of the most popular to date. Majority of small ventures nowadays makes use of this popular retirement plan for all their workers. By giving employees access to this pension plan, company executives are not only preparing them for their retirement age, they are also giving them the opportunity to let their money work for them.

It would be very costly to hire new employees compared to working on making them stay to work for the business. Hiring is seven times more expensive compared to keeping the tenured employees in the company. That being said, company executives always make it a point to keep their employees happy and satisfied. The list above are three of the most common things that would make an employee stay with the company.

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