Building a Retention Tool Kit: Workplace Enhancements & Benefits

In the last part, we talked about Compensation tools. Another way to differentiate you from other employers is through your Workplace Enhancements & Benefits programs. We know that money is not always the motivator, so how can you retain your employees without paying them more? Get creative, offer benefits, or find ways to show the benefit of working for you. The "sky is the limit" in this area. Let your employees' lives set the tone for these perks. Use Workplace Enhancements & Benefits tools to prove that you are an EOC! Below are some tools that you could use along with brief explanations:

Benefits:

· Offer Paid Time Off to Part-Time: That is something everyone wants more of. PTO given to all employees will set you apart from your competition. You determine how much time will be earned over time based upon hours worked.

· Shortened Benefit Waiting Periods: Begin benefits after 90 days for some things, and sooner or later for others. Don't be afraid to add in new things - but be careful in removing anything.

· Prove It!: Provide Annual Total Compensation Statements so employees truly see the benefits of working for your organization. This shows ALL of what you pay for them - salary, worker's compensation, taxes, PTO, tuition reimbursement, 401k, etc.

· Tuition reimbursements plans: Try to be more generous or provide direct payment to the school as an option. A stipulation for reimbursement would be a minimum of a grade of C. You could even give an incentive for receiving an A or a B in the course.

· 401k: If you are big enough to have a 401k, then try to be big enough to provide some amount of company match. You can determine vesting schedules, but employees feel valued.

· Other: Offer long-term care benefits, legal insurance, financial planning services, and child care services or elder care services if you can through preferred providers that give you a discount. You can, perhaps, barter reciprocal service discounts at other local companies.