Business Mentor: Employee retention schemes to improve business

Armando Bartolome

Posted at Mar 19 2022 10:30 AM

Times have become challenging for all of us for the past two years. But despite restrictions, we can continue to do our business using the various online platforms. 

But aside from revenues, companies should also look after the welfare of their employees. It is heartbreaking that some companies had to let go of employees due to financial constraints. 

In these uncertain times, treating your employees with respect will surely be remembered for years to come. It will have a lasting impact on employee behavior, productivity and loyalty. 

Companies should look into their employees' health and well-being, job security, and financial stability. 

All companies should offer programs that allow employees to feel comfortable working with them. 

Many look at employee benefits before applying for a job in a company, these are benefits given to an employee outside their monthly salary. 

These are usually in the form of bonuses, insurance, profit share, and allowances. These benefits have evolved into superseding any monetary assistance to an employee. These benefits now include giving importance to an individual's well-being and job satisfaction and having a work-life balance. 

If employees asked for these 30 years ago, employers have not have listened. But times have changed and employee welfare and wellbeing is now of high importance.

Companies now recognize that to build a productive workforce they need to offer more than just a competitive salary and opportunities for career growth. 

Here are some of the things companies can do to better retain their workers.

1.    Excellent compensation plan – Provide incentives for extra work done after office hours.

2.    Medical and Dental insurance – Everyone wants health insurance, particularly these days. Employees would be more comfortable and productive to know that they can also extend the benefits to their immediate families. The coverage may depend on how much the company is willing to offer.

3.    Flexible working hours – Companies should allow some employees to work from home because of our unpredictable situation. For those in the sales department, which requires them to be physically at the shop or store, an additional incentive (no matter how small the amount may be) can be helpful.

4.    Safer workplace environment – Companies should provide the necessary health protection such as face masks, gloves, alcohol, sanitizers, and other equipment which may help prevent the spread of the virus within the workplace. It should implement a stricter protocol on health policies to guarantee the safety of all employees at all times.

5.    Transportation benefits – There are times when the quarantine level in our city changes, which means public transport becomes harder. Hence, offering free transportation going to and from the place of business ensures the employee's safety and guarantees that there would be employees present to perform their jobs.

These things are a ton of help for any employee. It is not enough to just have a job, but knowing that incentives could help them more in their everyday struggles ensures employee satisfaction and loyalty.

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For more information, you may contact Armando "Butz" Bartolome 
by email: business.mentor@butzbartolome.com
FB Page: Butz Bartolome
website: https://www.butzbartolome.com 

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