Work: Which companies are giving up ‘land and water’ to retain their employees – Financial Post

The employees of a company or company are their backbone and it is logical and rational for them to try to keep it for as long as possible. Gallup, the company that annually conducts its survey of the state of the global workplace, found that by 2023, employees who are not engaged or actively involved in their work by choice will cost the world $8.8 trillion. Dollars in lost productivity, a figure equivalent to 9% of global GDP.

In the same survey, it was stated that in the previous year, 52% of employees were seriously considering changing their jobs.

But an employee leaving the company translates into time and money. The rate of resignations in the United States in 2017 was 26.3%, according to the Bureau of Labor Statistics. Gallup said the cost of replacing an individual worker could range from half to twice the worker’s annual salary, which is a conservative estimate.

What IKEA did to avoid losing employees – how it reduced resignations

Companies that give “land and water” to retain their employees

Many major companies around the world offer lavish offers with many benefits, hoping to retain their employees. The two companies that stand out, according to Resume.io’s research, for 2023 are ConocoPhillips (1st with an average residency per employee of 10.6 years) and Altria, Chevron and Union Pacific (average 9.3 years for the three).

ConocoPhillips, Alaska’s largest crude oil company, is attracting new talent with college scholarships and offering returning military veterans “challenging and rewarding projects around the world.”

the Altria Group (formerly Philip Morris Companies), known for brands such as Marlboro, owns significant stakes in Belgian brewer AB InBev and global cannabis company Cronos Group.

Moving away from tobacco products, Altria offers an extensive benefits package to its employees, including a profit-sharing program, financial support for employees seeking fertility treatments or those who wish to pursue surrogacy procedures, and benefits such as cafeterias, gyms, and medical services. Hairdressing centers and salons within the company’s buildings.

In Britain, this phenomenon is prominent Bunzl, a distribution chain, where employees stay for an average of 10.2 years. The company offers its employees an impressive benefits package, including discounted stock and tuition assistance of up to $11,000 per year toward a graduate degree.

Australian company Bluescope steel It retains over 8,000 employees and contractors across 35 sites and has the best employee retention rates in Australia (9.7 years). The company recently scored a big win with employees by offering personalized gift cards in appreciation of the difficult but productive pandemic period.

Based on the same survey, Great-West Lifeco, a Canadian insurance-focused financial holding company, leads both in Canada and among the four countries surveyed by Resume.io, with an average employee retention of 10.8 years. Much of this success appears to be due to the company’s Human Resources Director, Grace Palumbo, who was named one of Canada’s 100 Most Powerful Women for 2018.

Resume.io’s research uses employee LinkedIn profiles to derive its averages.

Salesforce, Hyatt, and Pfizer

Other companies that are popular for their employee benefits packages are Dropbox, Hyatt Hotel, and Pfizer. According to consulting firm Ignition, a hosting services company Hyatt Hotel It has more than 75,000 employees in the United States who have been working for ten years or more. The average cleaner stays with the company for 12 years.

Hyatt focuses on developing and promoting employees from within. It’s a strategy that has seen the hotel chain grow steadily while not suffering from the classic industry problem of high volatility and seasonality.

Hyatt is mitigating this problem by including housekeeping staff — typically the employee group with the highest turnover rates in the hospitality industry — in its employee engagement strategy.

Hyatt employees receive tangible benefits such as travel discounts, free or discounted on-site meals, and tuition reimbursement. It even works with organizations like Khan Academy to upskill its employees and give them access to more career opportunities when they are ready to leave. It offers an excellent training program, and actively recruits and promotes its current employees. Hyatt’s employee retention strategy focuses on all employees, not just those in management or corporate positions.

H Sales forceThe cloud computing services company is offering 56 hours of paid leave so its employees can do volunteer work in their local communities. It also offers a generous matching policy of up to $5,000 annually for employee donations to causes important to them.

the Pfizer It also runs a defined benefit pension scheme where the amount of money paid into its employees’ pensions depends on the number of years they have worked for the company and the salary they receive when they leave or retire. It pays its employees a secure lifetime income that increases annually in line with inflation, which incentivizes employees to stay with the company for as long as possible.