As the economy slowly begins to improve, many employers are starting to focus on employee retention. AccountTemps, a division of Robert Half International, surveyed more than 1,400 CFOs to learn what perks their companies were either offering or planning to offer in their effort to recruit and retain top performers.
While subsidized training and education topped the list, flexible schedules and mentoring programs came in tied for a close second place. Overall, the most popular incentives appear to be those that aid in career development:
- Subsidized training/education – 29%
- Flexible work hours or telecommuting – 24%
- Mentoring programs – 24%
- Matching gift programs – 13%
- Free or subsidized lunch or snacks – 11%
- On-site perks such as childcare, dry cleaning, fitness center, cafeteria – 11%
- Subsidized transportation – 10%
- Subsidized gym membership – 9%
- Sabbaticals – 8%
- Housing or relocation assistance – 7%
Many of the perks listed above go hand-in-hand with the top 10 reasons employees stay with an organization. These perks assist businesses in the development of a more skilled workforce, often cost very little to implement and can assist with providing work-life balance for your employees.
While employees may be sensitive to pay concerns, especially after a few years of salary freezes or cuts, it is important to note that pay is not the primary reason people stay or leave an organization.
Also, while there are certainly common themes that come through in the list above, these same perks may not be what your organization’s employees would prefer. The best way to assess how you can get the biggest bang for your buck when investing in employee perks and retention strategies is to ask your employees directly what is most important to them.
If you have questions regarding employee retention efforts, please contact a member of CAI’s Advice and Counsel team at 919-878-9222 or 336-668-7746.