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Factors that Affect Employee Retention

While it is a dream to work in one, the perfect company doesn’t exist. If you are looking at even the top rated businesses around the world, you can still hear employees griping about something, and that’s normal. But what really makes top companies top companies? How did they work on ensuring their employee retention is higher compared to other businesses?

It is said that the elements of high employee retention has already been figured out, but there remains to be a number of factors that it is nearly impossible to say that everything is applicable to all companies. There are, however, some common factors that business magazines and online business-related sites have gathered.

One of the most common factors is flexibility. Potential employees will always look for flexibility in their working hours when they seek for employment nowadays. The more flexible the working hours is, the better. Nobody wants to be glued for hours on their chair and gone are the days that employees would want to stick with an 8 to 4 job. So if you are a business owner, find time to make the work hours more considerate.

A company that values the health of their employees is always a good company. Access to health care is one of the things that every worker would look for. The more generous the health insurance coverage is, the better to make employees stay longer in the business. Top employers offer the same set of benefits to all their employees, even to those part-time workers in the company.

When retirement age comes, nobody wants to keep on working because they don’t have the resources to support their lifestyle. It would be comforting to know that when this time comes that you have the resources and pension to support the rest of your life. The Safe Harbor 401 K plan is a very popular pension plan that is being used across the United States. Most small companies choose this pension plan for their employees to help them earn better retirement days. Help employees prepare for their future and allow their money to work for them by getting them the right pension plan that gives better return on investments.

Hiring new employees is costly, in fact, it is more expensive compared to working on making them stay. Hiring is seven times more expensive compared to keeping the tenured employees in the company. It is, therefore, a strategic move for business to work on making their employees happy and satisfied to make them stay with the company. The factors listed above are considered as the most common perks that employees would be looking forward to make them stay.