In the world of business, buzz words like employee retention, employee engagement, and company culture are thrown around at alarming rates. There is great debate as to whether any of the above listed concepts carry much meaning. What is employee retention? Company culture? These seemingly nebulous concepts all really amount to one thing: the way your people feel when they are at work. So, who sets the metrics on good company culture and employee retention? If you fail to set clear parameters when it comes to company culture, you may realize that employee retention is more difficult and find yourself with a mutiny on your hands.
Letâ€™s take a moment and do some simple math. The average employee is employed to work 40 hours a week from Monday to Friday. While that may seem like a simple 9am-5pm workweek, most employers have their people come in at 8:00am in order to accommodate for lunch breaks. According to the American Census Bureau, the average work commute is 26 minutes, and letâ€™s give the average person 40 minutes to get ready for work in the morning. If you add all those things together: 40 mins for getting ready + 26 minute commute + 540 minute workday (including lunch) + 26 minute commute home = 632 minutes or 10.5 hours a day that the average person spends in or around work. If you get the doctor recommended eight hours of sleep a night, that leaves six out of the twenty-four hours in a work day that you have to spend with your family, friends, and loved ones. Most people spend over 60% of their lives in their place of work. That is an intense realization to have.
Whether it be a traditional nine-to-five workday or a more flex schedule, employees all have one thing in common: they get hungry.
The New Year has just kicked off and we hope everyone had a safe and happy holiday season. If youâ€™re anything like us, you have already started your New Yearâ€™s resolutions and are two days strong, or two days failed. Either way, we reserve no judgement on whether or not you have been able to give up carbs. What we do encourage you to resolve to do in the New Year is consider your employees and their health.
Like it or not, your people are your business. No matter what service you sell or product you manufacture, the people you employ are what make your business run on a macro and micro level.
2017 is winding down in the way that most Decembers do: quickly and with too many things to do. Chances are that both your corporate and social calendars are full of things to do and people to see. Some of those people being in your employ, if youâ€™re a small business or startup owner.
Youâ€™ve done it. As a busy business owner/founder, youâ€™ve finally realized that you donâ€™t have time to worry about the details like human resources, payroll, and benefits packages for your employees. You have decided to partner with a PEO and outsource those duties to a company that will not only help you, but take care of you. Where do you go from here?
Creating an effective employee retention strategy is far from easy. In fact, in a recent poll by Human Resource Executive Online, respondents ranked employee retention as one of the top three HR challenges employers face today.
While employers across the United States face a multitude of challengesâ€”attracting talent, mitigating risk and increasing profitability, just to name a fewâ€”one area consistently rises to the top of business ownersâ€™ priority lists: employee retention.
Employee retention continues to be a top priority for business owners nationwide. In fact, 63 percent of the more than 5,500 employers surveyed by job-data firm PayScale Inc. reported employee retention as their â€œtop concernâ€ in 2014. Furthermore, 22 percent of employers reported an inability to offer a competitive wage as a barrier to finding talent, and nearly 80 percent were only â€œsomewhatâ€ or â€œnot at allâ€ satisfied with their compensation structures.