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5 factors that affect employee retention

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Decreasing retention rates

As Millennials rise the ranks in the workforce, employee expectations for employment have taken a shift—particularly in the case of company loyalty. In fact, the Gallup 2017 State of the American Workplace indicates:  “51% of employees are looking for a new job or watching for openings.”

For employers, employee turnover is costly. Increase company loyalty and reduce turnover by addressing these 5 employee retention factors:

 

1. Ability to do what they do best

The majority of U.S. employees report that it is “very important” to have a position that takes advantage of an individual's unique skills and talents. This means that employees want to feel like like their abilities are utilized and valued. 

Placing employees in talent-fulfilling positions benefits both the employee and the bottom line. Employees who feel that their work is valued achieve greater productivity than those who feel like their talent is being wasted. Furthermore, these happy employees become brand ambassadors for your company. Essentially you are gaining a free advocate for your brand, which promotes your product/service as well as your employer reputation.

2. Work-life balance & personal well-being

More than any other generation, Millennials express concern for “flextime.” These employees desire the ability to self-manage time rather than operating on the standard 8am - 5pm business clock. Workers widely identify the opportunity to work remotely as a major factor in flextime appeal.

3. Greater stability and job security

Employees want to know that they will succeed if they commit to working with your company. Structural elements such as brand reputation, market positioning, company purpose, and growth strategy strongly influence an employee's decision to stay with a company.

4. Significant increase in income

As one might expect, employees react positively to companies that reward quality work and company loyalty with salary increases. Introduce a standardized pay structure to your employee during the interview process. This allows the employee to see that the employer will continue to provide growth opportunity.

5. Great company brand reputation

There are two sides to a good brand reputation: industry reputation and employer reputation. The industry reputation describes how well the company is positioned within its market and the quality of its value proposition. The employer reputation measures the quality of a given company as an employer. Companies with positive employer reputations are much more likely to hire and retain talent, therefore an employer must invest in both.

 

BerniePortal boosts retention

BerniePortal is a Benefits and HR administration platform that boosts employee retention by allowing employers to offer more to employees more for less. Increase benefits availability and flextime by streamlining benefits administration and HR functionalities. 

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