Employee Retention – 2018 Style

In December 2017, the unemployment rate was 4.1 percent. This is great news for employees, but for employers who are struggling to attract and retain good workers and top talent – it’s time to get creative.  So what are they doing?

A January 12^th article in the Washington Post entitled Companies Struggle to Find, Retain Workers in a Hot Economy,” the following examples were cited:

• In Ames, Iowa, which has the lowest jobless rate (1.5 percent) in the nation, the Mary Greely Medical Center adopted more flexible employee scheduling to appeal to students from a nearby university. It has also tried to recruit “nontraditional workers,” including retirees, to fill entry-level positions.
• Working with the local Chamber of Commerce in Ames, it’s head of workforce development served as a “matchmaker” for several companies with vacancies to help place workers laid off as the result of a plant closing.

An article in Forbes Magazine’s December 2017 edition talked about innovative ideas in an article entitled Competition is the New Union. 

• Procter & Gamble is offering it’s 95,000 employees world-wide an equivalent of 1 to 2 percent of their salary set aside for a benefit for their choice – anything from disability insurance to financial planning to extra vacation. Let the employees choose the benefit that best fits their wants and needs!
• Hershey introduced a suite of “SmartFlex” policies for its white-collar workforce, which include leave options for new parents and expanded opportunities to work from home or work flexible hours. 
• Nvidia, an artificial intelligence firm, recognizes that if employees are going to do their best work, they need to offer them the best benefits. They will repay up to $30,000 in student loans and offer new mothers 22 weeks of paid leave.
• Accenture is committed to training. As its focus shifts to the cloud and consultancy services, and with technology changing so rapidly, helping employees develop cutting-edge skills is crucial – and it engages the employees they want to keep and advance!

As the economy continues to (hopefully) expand, the labor market will continue to shrink – especially when and if baby boomers retire. Organizations will continue to be challenged with new and exciting ways to attract and retain talent. What will your organization do? We’d love to hear from you!