Increasing Employee retention rates have never been a bigger issue than they are right now.
Companies are climbing over each other to target the top talent they need in the age of Digital Transformation. As for the top people, they’re after, they’re highly mobile, seeking the best deal in exchange for their ultra-marketable skills.
And that’s a problem for employers. How does one encourage these people to stay?
We worked recently with a client experiencing a lot of turbulence around retention. The company was expending a great deal of time and energy training staff, with a training process which took place over 3 months.
In addition, employees were expected to work on a schedule of 14 days on, with only 2 days off. Then, there was the extensive overtime. That’s a lot to ask of people. And in an employee’s market, many won’t be interested in saying “yes” to that kind of work schedule for very long.
With a turnover cost 2.5 times the employee’s yearly salary, the high turnover rate which came with the scheduling demands was costing our client a lot of money.
So, our team was called in to find a fix for the problem.
Our client knew it had to do something to retain its valued employees. Leadership had a keen understanding of the demands and stress involved, so it elected to give employees the rest and relaxation they deserved for their efforts.
ITG worked with the company to put in place an incentive program to support increased retention, awarded on a yearly basis.
After a full year of employment, employees were to receive a travel incentive, amounting to $2,000 per employee.
Our professionals designed a program that included a wide range of recommended destinations to get employee juices flowing. But employees weren’t obliged to choose them. They could go anywhere they wanted to.
The only rule involved was that the $2,000 provided was to be applied directly to the travel incentive and employees were only given the money once they’d booked their trips.
With ITG’s program in place, our client saw employees taking vacations to ski, partying in Vegas, and attending sporting events in remote cities. Some went on Caribbean cruises. Others went off to summer cabins and lakes.
With the program’s built-in flexibility, employees were given the gift of travel they might not ever have had the opportunity to enjoy. Imagine never having had a chance to travel to a dream destination, then suddenly being given one by your employer.
That’s a great way to shore up retention by building up employee loyalty.
With ITG on deck to support employees with destination service and concierge-style details for the travel and accommodations, our client’s staff was treated like royalty – an experience they’re not likely to forget.
For more than 20 years, ITG has been supporting companies like yours with incentive program design and execution, including laser-sharp logistical support.
If you’re losing employees you’d rather keep on board, let ITG tailor a solution to your needs.