Show me the money! That is what employees are all about and what keeps them with you right?
Well, not exactly.
In fact, most employers will tell you signing bonuses, raises, and other financial incentives alone do NOT improve retention in the long term. So what do you do to keep employees? Understand the incentives that mean the most for the workforce and design an employee value proposition around them.
Do you have a workforce that is saddled with high levels of debt for their education? Tuition repayment benefits could be a major incentive for them.
Do you have a workforce that needs additional education to advance in their career? Tuition assistance benefits could be a major incentive for them.
Do you have a workforce that requires them to have their own tools to perform the job role? A discount program for tools and equipment can be meaningful incentive for them.
Working with employers with our RETAIN model, we seek to understand the incentives that mean the most to your employees and help to design those incentives into the employee lifecycle. In our consulting, we seek to ensure that your total rewards package is aligned to the needs and wants of the workforce you are looking to build and retain.
If you have been with us for a while, you know that RETAIN is about the whole employee experience. If you are just tuning in, check out some of our other posts about the RETAIN Model on our WeThink blog.
If you are interested in learning more about how RETAIN can help your organization, reach out to us – we would love to hear from you!