Keeping top talent is more critical than ever in today’s job market. But the tried and true methods may not be enough. Let’s take a look at some innovative and effective employee retention strategies that go beyond the traditional to help keep 21st-century workers feeling loyal and engaged.
Unlimited Vacation
One of the hottest new trends in the job market is unlimited vacation time. Pioneering companies like Netflix and LinkedIn are now focusing on results rather than seat time. If you have team members whose jobs don’t require them to pull a handle or push a button at a specific time, consider pivoting to unlimited vacation for those roles.
Student Loan Assistance
Student loans have been all over the news in recent months, and for good reason. Paying off those loans can feel impossible for the average worker. Consider offering tiered assistance, with higher payoff amounts available as employees complete more years on the job.
Paid Sabbaticals
Want your employees to stick around for the long haul? Consider offering paid sabbaticals after every five years of work. For example, you might offer four weeks after the employee’s fifth year and six weeks after the tenth year of employment.
Pet Insurance
A relatively inexpensive way to keep today’s workers happy is to take good care of their furry friends. Pet insurance doesn’t cost a lot of money, but it can save your employers potentially thousands of dollars over the typical lifespan of a pet. It’s an easy way to show your workers that you care.
Stipends
Stipends are now among the top employee retention strategies, partly because they are so customizable. Do you have people working remotely? Consider a home office stipend. Want your workers to build new skills? How about an education stipend? Or you could even provide a highly flexible “personal development” stipend to encourage workers to pursue their individual passions.
Traditional employee retention strategies will never go out of style. But in today’s crowded marketplace, they may not be enough. Try some of the above tips to keep your retention rates high in the modern era.
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For nearly 30 years, Cardinal Staffing has been matching companies with candidates across Ohio and Michigan. We specialize in light industrial, administrative, and professional roles, and we know where to find the local talent you need. Learn more about the services we offer or request an employee today!
