Employee Retention Strategies for Your Company in 2023 Employee retention strategies for your company are one of the important and most overlooked aspects of running a successful company. Due to the sky-high cost of employee turnover, most companies are actively seeking strategies to retain their best employees. The problem is, most of the literature available…
Employers have learned that incentives are key to retaining employees. Many of the standard rewards systems don’t seem to be pulling their weight. Companies try to incentivize employees to stay by offering flashy perks– like Google’s free gourmet cafeterias– or longevity bonuses, neither of which have been proven to impact retention rates. When wages are…
Machine learning techniques have been used extensively to predict and monitor customer churn. Now they’re being applied to employee retention, and the timing couldn’t be better. In light of incredibly low unemployment rates and a highly competitive labor market, employers’ number one priority is holding on to their best talent. With machine learning, corporate leaders…
Most major corporations focus their employer branding efforts on having a “positive company culture.” Some firms, like Lyft and Netflix, go even further–marketing themselves as having a counter-culture office atmosphere that stands out to potential employees as new and different. But the truth is, culture isn’t the end goal of these internal branding schemes. The…
Employee engagement is the corporate buzzword of the decade. Studies often differentiate between employees who are engaged, “not engaged,” and actively disengaged. Such terms are often used in an attempt to scare CEOs into thinking that 71% of their workforce has one foot out the door at all times. Spend Time with Employees. Good Leaders…
Company culture is the paramount focus for companies experimenting with recognition programs. Traditional corporate culture is determined from the top down. CEOs determine the culture that managers are expected to enforce with their direct reports. But today’s ideal culture is entirely opposite—an inverse pyramid, with employees forming the foundation of a company’s workplace atmosphere. The…
The average disengaged employee costs your company up to 34% of their salary every year, according to Gallup research. If you assume professional salaries average out around 60k, each disengaged employee costs your company over $20,000. Employers have been well aware of the disengagement trend for at least the past five years. But most companies…
Customers absolutely adore retail pop-up shops. They’re exciting, fun, and unexpected. All of a sudden, you get access to your favorite online-only or international brands right in your neighborhood. The social media buzz around these events tempts even casual fans to stop by for a selfie. A pop-up shop isn’t just a shopping opportunity—it’s an…
Fast food restaurants have jaw-dropping, heart-stopping, panic-inducing retention rates. On average, fast food employee turnover has reached a staggering 150%—and according to Business Insider, that number might be the highest it’s been in 23 years due to new technology. Because of training difficulty, management struggles, inadequate pay/benefits, and various other possible factors, fast food restaurants…
If you’re running a fulfillment warehouse, you don’t have time to lose employees. Customers are waiting for their products, often impatiently. Any bottleneck at all can stop the flow of order fulfillment. And if you start leaking employees during times of high order volume, such as during holidays or discount sales, you could severely hinder…