Here’s an overly obvious statement for you: Employment has changed. In decades past it was common for employees to join a firm as, say, a young man, stay there for 30 years, work up the ranks to as high as possible, earn a pension and retire happily. Ask any person under 35 if they plan to stay with their current employer for 30 years and you’ll find astonishment and perhaps a little horror. It just doesn’t happen anymore and it’s not a bad thing; however it can make employee retention difficult. Attrition, or a reduction in your number of employees, is expensive (think re-training) and time-consuming (think recruiting and interviewing).
Here below are some neat ways I found to keep your employees happy and incentivize them to hang around a little longer.
$50K for 5 years
In this article from CNNMoney, an entrepreneur offers his employees a cash bonus of $50,000 if they stay at his firm for five years. Not only that, but if an employee stays for 25 years, they get $250,000. Wow, that’s some big cheddar. That’s the proverbial carrot and incentive on a string. Let’s say that you’ve been with this firm for four years, would you quit for another job and leave the $50,000 on the table? I certainly wouldn’t. $50,000 means my car and my student loans are paid off which is big news for me and the employer doesn’t have to bother with finding a replacement and retraining for at least one more year. That’s a win/win.
Since we’re talking about Healthcare IT, let’s talk Epic. I have not heard the most glowing of comments regarding how Epic treats their employees over all. It’s all hearsay of course since I myself have never actually been employed by them. However, they do have a neat program for sabbaticals. When an employee stays for five years, they are allowed to take one month of paid time off and Epic will often pick up the travel costs as well. I’d certainly take the opportunity to travel around for a month with the comforts of pay and a job when I got back!
For being such a large company, I think Starbucks has some pretty cool benefits and perks. The one that strikes me is the adoption benefit. For eligible employees, they will pay up to $4,000 and grant time off for the adoption and pick up of a child. I like how they are offering options for their employees that don’t choose to have children in a non-traditional way. A good equality effort on their part.
And of course, my own awesome company, Impact Advisors has great community service benefits. We are allowed to take three paid days off to dedicate to service projects as well as a matching gifts program in which the company will match an employee’s monetary donation to a non-profit organization. Caring is definitely a core value around here!
Finally, we are all jealous of the Google employees who get free food! I was lucky enough to have lunch at Google in Seattle about a year ago and I long for that fresh, hot, free lunch. Uh, so much better than my pathetic everyday sandwich!
So dear readership, what cool benefits does your firm provide to keep their employees engaged? Please share in the comments section!