5 Global Companies With Successful Employee Retention Strategies
Employees are the heart of the company. The term does not seem excessive considering that many leaders probably have experienced the dizziness of keeping their subordinates, who easily come and go. Based on Willis Tower Watson’s research results, more than half of companies from around the world experience difficulties in retaining their employees.
While high turnover can lead to high cost and affect the business performance in the future, companies need to find ways to retain their employees. What is employee retention? Employee retention is an effort that companies use to make potential employees stay longer.
Here are several global companies that have successfully retained their employees. Their strategies may become inspiration for your company in formulating policies for employee retention.
1. Netflix – Treating employees as adults
For Patty McCord, Netflix’s first Chief Talent Officer, the best thing a company can do after recruiting employees is treating them like adults. How? by giving full trust to employees. Netflix set the policy of unlimited holiday. The employees are allowed to decide for themselves when they want to take vacation and how long as long as it doesn’t affect the company’s performance. They are given a full set of trust to do the best for the company. This policy has become one of the contributors to the average of high employee retention rate in Netflix.
2. Big Spaceship – Never look down on fun
For the Great Spaceship jargon of “The health and harmony of your team is part of your job” is the references to tailor company’s policy. There are three basic principles practiced by this digital agency giant. First, play and work should be in balance. Big Spaceship strongly encourages employees to interact directly with each other and perform team rituals to strengthen relationships. Secondly, allowing employees to bring pet dogs that are proven to decrease stress and improve happiness. Third, allowing employees to leave the workstation and out of the office because sitting all day is proven unhealthy and reduce productivity.
3. Hyatt – Listen
The hotel business giant is pressing the workload of its employees by utilizing the “Change the Conversation” approach based on principles developed by the Standford School of Design. Hyatt trusts its employees to find creative solutions to solve their problems and tasks, and even make employees a reference source for recruiting new employees / leaders through the Employee Referral Program.
4. Ericsson – Flexible working time
Ericsson believes the balance of work is so important that employees are comfortable working and can perform their role optimally, but not disrupt the company’s operations. Therefore, since 2015 this telecommunication and multinational network company has released flexible working hours which are 1) Working from home, 2) working with flexible working hours, and 3) Working part-time.
5. DreamWorks Animation – Rewards for employees
The rewards for employees are not always about money. DreamWorks Animation does with award-winning opportunities to decorate workspaces and corporate festivals every time after a big project is completed. Through this award, the company expels its employees to eliminate fatigue, tighten the atmosphere while showing off their work performance to other employees.