It’s no secret that Google is one of the most valuable companies in the world. The brand is valued at over 100 billion dollars! That is an incredible feat for a company that is not even twenty years old. One of the biggest contributors to Google’s success is the high caliber of talent they have working for them. Google famously works very hard to attract and retain their workforce. For the past six years, Google has been named the best company to work for due to some excellent company perks. Some of these include free meals all day, as well as free dry cleaning and nap pods. In fact, they have positions dedicated to optimizing employee happiness (a key part of wellness in the workplace), and it’s paid off. Increasing maternity leave led to a 50% increase in retention in new mothers. Investing in its employees is extremely important for employee recruitment and retention, which is key for every successful business.
Maintaining high employee retention makes a big impact on the success of your business for a variety of reasons. High turnover not only creates unease within the company, but it can also be expensive. Replacing employees can be costly due to lost productivity during the hiring process and training as well as fees for recruitment agencies. Studies have shown that it can cost up to 20% of an employee’s salary to replace the worker. In fact, the retail industry lost over 9 billion dollars due to employee turnover.
A major way that companies are reducing turnover rates is by investing in their employees with benefits and perks. In a TechnologyAdvice poll, over 50% of employees stated that perks were important when evaluating a position. In a Quill poll, over 60% of employees claimed that they would look for a new job if their company did not offer the right perks.
Employee retention is extremely important for tech startups that don’t have the financial standing to lose money or time on turnover. This is why startups have become synonymous with a fun office culture. In order to keep the most valuable employees in the fast paced world of start up technology, startups have to offer competitive perks and benefits. In the startup world these days, that’s the norm.
A great way to invest in your employees is to develop an engaging wellness program. Wellness programs have been shown to result in healthier and happier employees. Ask us how Incentfit can help you develop a wellness program that has a huge impact on recruitment and retention at your company.