Experts from high-retention companies weigh in on the best perks for retention.
Extra Time Off
Matt Paddock of Grow, a digital agency in Norfolk specializing in the creative tech space, is seeing a big connection between retention and work-life balance. Along with closing shop for the holidays (Christmas through New Years), they also have a 1 week summer break for their employees.
Getting Paid to Take a Vacation
Eden Elder, Chief People Officer at FullContact, also believes in perks that focus on work-life balance, which is why FullContact offers perks like unlimited flex-days, $7500 in cash to use on vacation each year (employees who check into work lose the stipend!) and days off to enjoy the nearby ski slopes. FullContact isn’t the only company spearheading the paid, PAID vacation concept. ConsumerAffairs (whose employees are having all the fun in the main picture) boasts a 92 percent retention rate, which they attribute to perks like paying its employees to take a vacation. Not long ago I was writing about the downsides of so called ‘unlimited vacation’ policies and how they actually save company thousands of dollars because employee take less time off. It’s nice to see companies actually trying to reward their employees with vacation policies that actually benefit the employee.
Rewarding Hard Work
Trish Turrin, Talent and Culture Specialist at Influenster, strong believes that recognizing hard work with perks helps with retention. “When the perks are given as a reward in recognition of outstanding work, employees will feel valued and their efforts recognized. We treat them to spa outings and even all-expenses-paid vacations. That’s been proven to be an effective strategy to show our genuine appreciation to employees, and one of many factors that keep the retention rate high at Influenster.” Michael Morell of Riviera Partners suggests offering unexpected, customized retention bonuses. He suggests that “for every milestone an employee reaches, reward them, whether with a financial sum, a generous period of time off or another reward that is appealing to that particular employee. You can even customize the bonus to be something that employee specifically wants. Not only will the employee feel valued that you want to give them something that really matters to them, if they help set the goal they may just work that much harder to get it.” Rewarding employees with things they really want (instead of a bunch of fluffy perks they may not even use), shows that management is really paying attention to an employee’s individual contribution. Even simple recognition for a job well done, even if it doesn’t come paired with a costly perk, keeps employees happy and engaged for long term.
Strong Work Connections
Trish Turrin couldn’t agree more, adding:
Flex-Time
Flex-Time has become a more and more desired perk according to the PROTECH annual tech surveys. FameBit’s GM, Adam Hendle shares that a key to retention is flex-time. “FameBit employees get to set their own hours at the office based on when they feel most productive. We give everyone an opportunity to establish a daily schedule that works with their productivity, family and personal life. Not everyone is a morning person so whereas some of our team members start their day super early others start at noon and work well into the evening.”
Perks for De-Stressing
Gene Caballero of GreenPal, the ‘Uber for Lawn Care’, says offering ways for employees to break routine has been critical for retention: Trish Turrin also thinks that a healthy body and mind are key for happy employees, which is why Influencer offers in-house yoga classes and volleyball matches for employees. Share your thoughts on your favorite workplace perks in the comments below.
