One of the first things a company can implement to retain employees is to offer benefits both tangible and intangible. According to the article “His job: helping employers hold on to their staff; High turnover can be costly. Consultant says its vital to offer respect, good pay, retirement plan” by Kasandra Kyle the most important thing that a potential employer can offer a new employee is good pay, respect and a retirement package . These benefits help make employees comfortable in their current position and will retain an employee sometimes even when another job offer with a more lucrative offer comes around. Another fringe benefit is the flexible work schedule. Although this is not practical in all cases, if it is at all possible it serves as an excellent retention strategy.
Offering tangible and intangible benefits are essential, but it is imperative to work diligently to keep specialty trained staffers. The low turnover of maintaining skilled employees offers the benefits of low turnover and positions companies for growth. The author goes on to say that the cost of training specialty staffers can cost the company valuable time, enormous finances and slowed production (Kyle, 2008).
Although it is important to offer workplace benefits at your larger companies, it is dire to offer those benefits at a small business. The article, “Workplace benefits are strategic in small business” states that recent study performed by MetLife’s annual Employee Benefits Trends study shows more than half (55%) of smaller employers, those with fewer than 500 employees say benefits play a very important role in employee retention. However, there is contradictory results as the study goes on to reveal that only 34% of workers at smaller employers say the benefits they receive are a very important reason to remain with their employer, versus 53% at larger firms. In addition, just 37% of employees at smaller corporations say they are