5 Employee Incentives Guaranteed to Shrink Turnover Rates
Employee turnover is a very real problem for employers, particularly for those within the restaurant industry. Previously, I talked about why this tends to happen so much more in the world of restaurants.
But today, I want to talk about how to entice your best employees to stick around. And while I’m coming at this from the restaurant management angle, other industries could certainly benefit from the same or similar tactics.
Here are five employee incentives that will shrink turnover rates and encourage employees to stay for the long haul.
1. Money
Let’s get the giant elephant out of the room first, shall we?
While money seems like it would be the number one reason employees stay with a company, it’s not. BUT, it is an important factor.
Nearly six out of ten employees “agree” or “strongly agree” that pay is a motivating factor to stay with their current employer. So there is a definite subset of your employees who are looking at their bottom line.
But it’s not what drives all of them.
2. Benefits and Perks
With the drastic changes occurring in healthcare, including the rising cost of insurance, employers are likely to switch benefit plans to combat the price increase.
If you can swing it and the current plan is one that employees love, try to avoid switching plans. Cut costs in other areas, or shop around with other providers for a comparable plan.
When all else fails, amp up the perks you offer. Contact local companies and coordinate a mutually beneficial discount program.
Something as simple as the car wash employees down the street receive a 10% discount at your restaurant, while your employees may purchase two car washes for the price of one.
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