Retention Strategies For Employers
The most effective retention strategies for employersQualified job candidates are hard to find in today’s tightening talent market, which makes employee turnover a significant issue for employers in all industries. Replacing workers can be expensive – it can cost up to 400% of salary to replace a high-level employee. And because turnover causes enormous disruption to business processes, retaining valuable employees is critical for business continuity.
Among the most effective retention strategies for employers are programs like education and child care benefits, which help to significantly improve an employee’s quality of life and job satisfaction. When seeking guidance on retention strategies and solutions to build more loyalty with a workforce, many of the country’s leading employers turn to Bright Horizons.
The challenge of retention for employersSince the Great Recession, the labor market has been tightening even faster than experts predicted, and employers are feeling the impact. The growth in labor participation has become stagnant as employees who have lost jobs decide to stay home or return to school. A rising quit rate is boosting employee turnover, and pent-up demand for raises has only made turnover worse as the lack of budget flexibility leads to job dissatisfaction.
As a result, companies are losing high-level employees and promising leaders, many of whom are leaving the workforce or changing employers due to family conflicts. A growing number of men and women are delaying parenthood until their 30s and 40s, when they’re in financially stable positions and well-established careers, making them exceptionally costly for companies to lose. The difficulty of parenting a child while advancing a career can cause enormous stress, leading many employees to abandon their career ambitions.
At the same time, employers are faced with a growing skills gap as knowledge work continues to explode, and skills are becoming outdated as little as five years. Retention strategies for employers can help to address these challenges with thoughtfully designed, high-impact programs that help to retain workers with valuable skills and encourage new parents to continue in their careers.
Retention strategies for employers from Bright HorizonsBright Horizons provides strategic solutions that help employers cultivate high-performance workforces. Our retention strategies for employers include a wide range of employee benefits and workforce development solutions that support workers through every life stage and career development. Today, more than 1,000 of the world’s most renowned employers look to Bright Horizons for high-impact services that appeal to modern workers and drive business results.
Our solutions range from family-focused support such as employee daycare, back-up care, and elder care to education programs that improve retention while helping employers to cultivate the skills required to remain leaders in their industries.
Supporting employees at every life stage
Personal challenges are a significant cause of workday disruptions and career setbacks and helping employees solve the can enhance engagement and prevent turnover. The most effective retention strategies for employers provide support for the many stressors and family conflicts that can hinder productivity and cause employees to lose focus.
Our family-oriented retention programs include:
• On-site Child Care: Help employees with the complex task of finding affordable, quality child care by offering care centers located at the workplace.
• Back-Up Care: Prevent the stress and absences from work that result when care arrangements fall through by providing emergency child care and back-up care for other dependents.
• Elder Care: Support employees who are responsible for taking care of aging parents or elderly relatives by offering expert guidance, a wealth of resources, and arrangements for in-home back-up care when needed.
• College Coaching: Boost employee productivity at work by helping parents and their children prepare for and apply to college.
• Additional Family Supports: Relieve the stress of daily responsibilities by connecting employees to services for pet care, tutors, and more.
• Special Needs Care: Help parents with the time-consuming and challenging process of finding specialized resources for children with emotional, behavioral, or developmental challenges.
Retaining employees with education benefits
Education benefits are among the most effective retention strategies for employers. As the talent market narrows, connecting your employees to educational opportunities can help promising workers gain the knowledge and experience needed to move up in the company. Education programs can help elevate your employer brand and build a more skilled and loyal workforce. Our programs include:
• Tuition Program Management: Bright Horizon helps employers offer a tuition assistance program that provides employees with the guidance and resources they need to develop their talent, learn new skills, and achieve additional degrees or certifications. With expert coaches, exclusive discounts at over 220 educational institutions, and a web platform that simplifies the employee experience, you can maximize the value of your tuition assistance budget.
• Education Access: We offer an educational assistance program that provides opportunities for employees for whom traditional educational solutions are not a good fit. With carefully selected partners and confidence-building resources, our Education Access programs make higher education affordable and available to all employees.
• Student Loan Repayment: Combines employer contributions to reduce the amount of student debt with expert coaching to help employees make a plan to efficiently pay off the rest. Loan repayment benefits relieve workers of the financial burdens that often stunt careers and hinder performance. Our repayment program includes specialized options for specific industries like nursing tuition reimbursement.
FAQs: What are retention strategies for employers?What are employee retention strategies?
Retention strategies for employers are plans for ways to keep employees engaged and satisfied in their jobs to reduce attrition and turnover. Retention strategies often include benefits that help employees balance responsibilities at work and home, alleviate financial stress, and help achieve career goals.
What are the most effective retention strategies for employers?
The most effective retention strategies for employers include dependent care benefits that help employees caring for children or elderly dependents and educational assistance programs that help employees to build skills and advance their careers.
What are the benefits of providing child care, back-up care, and elder care?
Providing care solutions for children, elders, and other dependents simplifies the complex task of finding and managing care, relieving stress for employees and boosting their performance at work.