Companies With Excellent Employee Retention Strategies
With the changing professional landscape, employees have more bargaining power than ever. Remote work widens the search area for employees looking to take their skills and expertise to a company that gives better benefits, perks, and salaries. But high employee turnover is never good.
Many companies take extra steps to retain employees with attractive benefits and perks. Having highly engaged employees results in boosted morale and productivity - both of which, in turn, lead to lower turnover. The connection between investing in your employees and the business results is compellingly clear. However, many organizations still need help to figure out how to create and maintain high levels of engagement.
Here are some of the best employee retention programs we’ve seen in companies across the globe.
Apple
In 2018, Apple was named the best private company to work for in the UK. The company has consistently ranked high in work experience, with LinkedIn ranking Apple as the best company to work for in the US.
Apple’s employee retention strategy focuses on a relaxed environment with a generous vacation package. Apple offers extended leave, allowing their workforce to take an extra week off. In the US, Apple offers three paid holidays. In other locations, Apple offers the same amount of paid vacation days for an equivalent national holiday.
Apple’s employee retention program recognizes that all employees - regardless of their role - are integral to the company’s success. Their business model makes each employee feel like a valued part of the company. Apple also ensures that its perks are tailored to account for regional, cultural, and personal differences so that employees can reap the rewards of hard work wherever they are in the world.
Pfizer
Pfizer recently ranked among Workforce Logiq’s top 5 companies for employee retention, thanks to their flexibility, compassion, and unwavering commitment to ensuring the wellbeing of their employees.
Pfizer’s employee retention program offers unparalleled employee support, including workplace mentors, career development tools, free membership in the Health Employers Association, and skills-based volunteer opportunities. In addition, Pfizer supports the well-being of its employees through mental health webinars, free access to resources, online fitness centers, virtual yoga, cooking, and relaxation courses.
Pfizer also employs a Defined Benefit (DB) pension scheme, wherein the amount of money paid into your pension is based on how many years you have worked with the company and the salary you’ve earned when you leave or retire. They pay out a secure income for life which increases each year in line with inflation, incentivizing employees to stay with the company for as long as possible.
Hyatt Hotel
Hyatt Hotel has over 75,000 employees in the US who have been with the company for ten years or more. The average housekeeping employee stays with Hyatt Hotel for 12 years! So, how do they do it?
Hyatt Hotel focuses on employee development and promotion from within, sharing that its comprehensive strategy of keeping employees engaged is a pillar of the company’s overall business strategy. It’s a strategy that has seen the hotel chain grow steadily while easily avoiding problems typical of the hospitality industry, such as high employee turnover rates.
Hyatt mitigates this issue by including housekeeping staff - typically the staff group with the highest turnover rates in hospitality - in their employee engagement strategy. Hyatt staff cite tangible benefits like travel discounts, free or reduced-price on-site meals at any of the hotel’s restaurants, and tuition reimbursement as just a few reasons they stay with the company. Hyatt is a company that walks the walk when it comes to investing in their employees, even teaming up with organizations like Khan Academy to upskill their employees and allow them access to more career opportunities when they’re ready to move on from Hyatt. They offer an outstanding training program, hire and promote from their existing staff pool, and are committed to employing a diverse workforce. Hyatt’s employee retention strategy focuses on all employees, not just those in corporate or managerial roles.
Salesforce
Ranked second on the List of 100 Best Companies to Work For, Salesforce offers competitive benefits to sustain high retention levels. Salesforce has developed a culture that creates an inviting and engaging workplace environment. It is a company that knows that recruiting employees who constantly push the business forward needs to make working for the company as appealing as possible. That’s why they are so intentional and committed to creating a worker-friendly culture through initiatives such as:
Salesforce offers 56 hours of paid time off so that employees can invest their time volunteering in their local communities. They also offer a generous matching policy of up to $5,000 annually for employees to give back to causes that mean a lot to them; essentially, whatever employees donate will be matched by Salesforce.
Salesforce is also committed to making diverse employees feel included by giving them the option to join Equality Groups, which are employee-led groups centered on common backgrounds, identities, or interests, as well as taking a stand on causes such as Equal pay and workforce development.
Finally, Salesforce focuses on wellness and providing an outstanding work/life balance. The company has a Wellness Reimbursement Program that offers staff $100/month on any wellness-improving activity they want - whether that’s yoga classes, nutrition, therapy, or something else. They also offer access to Camp Pono - a program that provides practical tools, tips, and resources for putting wellbeing into action, eating right, sleeping well, and practicing mindfulness.
Full Contact
Each year, the software firm Full Contact offers their employees $7,500 to take a “paid paid” vacation. On one condition, staff can go on holiday anywhere they like: they have to go somewhere and cannot do any work or answer work-related calls or messages. The idea is that those employees who leave work behind when they go on holiday will return to the best headspace to work, fully ready and committed to pushing towards the company’s goals. Employees are more likely to return with a fresh outlook, feeling refreshed and relaxed.
It’s also believed that “paid paid” vacations will eliminate anxiety around the idea that only one person can solve issues. When employees return to work from their holiday and find things still running smoothly without being there, they are less likely to feel pressure to handle everything themselves & can carry themselves with calm confidence at work. Plus, coworkers can develop a strong trust for each other, knowing they will have their backs in one another's absence.
Though Full Contact’s strategy is robust, many companies offer employees similar benefits in the form of extra days of paid leave, long weekends & wellbeing days. Ultimately, the idea is that employees can leave their work responsibilities behind and get away.
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If you’re inspired to follow in the footsteps of these great companies, try out the Ignition Academy and see how we can help you with your employee retention program!
