Talent retention is a global issue, and one that is especially high on the agenda for our colleagues in the US, who are working hard to ensure their workforce remain happy and productive. According to research from The Modern Workplace Trends 2018, 79% of Americans agree their workplaces are effective in helping to retain their existing talent base.
“Take care of your associates, they will take care of our customers, and the rest will take care of itself.” - CEO Tom Folliard, Car Max
Clearly, American firms are at the top of their game in ensuring talent retention is a priority. By focusing on employee wellbeing and incorporating workspace design and layout, our friends in America have created some truly exciting employee retention strategies.
Company culture is key to keeping your greatest asset, your workforce, happy, healthy and productive.
Corporate Wellness Schemes
Corporate wellness is a nearly $8 billion industry in the United States. The big tech players in Silicon Valley offer their employees amazing workplace experiences and benefits, and other organisations are following their lead:
Hyatt introduced ‘Change the Conversation’, a programme encouraging employees to “find new, creative ways to solve problems and accomplish everyday tasks”, improving collaboration between workers from different departments.
Microsoft's 'Microsoft CARES’ employee programme offers a multitude of options for their workforce, from counselling and stress management to healthy eating. They also provide other services onsite, such as grocery and dry-cleaning delivery, which research from the Workplace Trends 2018 report shows is part of the top seven workspace developments American organisations are prioritising in the coming years.
Meanwhile, Chesapeake Energy Corp have the ‘Living Well’ programme, a scheme that aims to promote employee health via several different approaches, mostly focused on preventative care – employees are incentivized to take annual health checks at the on-site health clinic, nutritious foods are available in the corporate campus restaurants, and an ergonomics initiative helps employees correct improper working postures and habits.
These types of employee wellbeing schemes are an excellent idea, from all angles: not only do employees feel valued and important, but significant expenditure can be saved – the cost to replace a highly-trained employee can exceed 200% of their annual salary, so it makes sense to take steps to avoid unnecessary loss through health issues or injury.
However, it’s not just about protecting and enhancing employee health and wellbeing, as 70% of American employees place a big importance on the look and feel of their workplace. General wisdom tells us that most people feel more focused in clean, organised and pleasant environments, particularly when it comes to concentrating on work. An easy win to retaining talent and helping boost employees’ moods is to ensure your workspaces are clean and clear of clutter. A comfortable environment is key.
70% of American employees place a big importance on the look and feel of their workplace - Modern Workplace Report 2018
Reflecting an organisation’s culture in its design is also an oft-overlooked way of creating stronger employee morale. Just like investing in employee health, investing in office design is a way to not only promote core company values, but show employees that they are welcome and appreciated, and that their comfort and enjoyment of their workspace is paramount.
The Modern Workplace Report 2018 found that Americans routinely reported higher levels of satisfaction and happiness at work, in comparison to other countries – for example, 79% believed their workplace effectively communicated their brand, while 81% felt their organisation provided the right mix of amenities, 85% found their employers to provide adequate quiet spaces for more focus, and 76% reported that overall, their workplace was an enjoyable environment.
Clearly, our friends in the US are leading the way when it comes to creating gratifying workspaces, which as we can see, helps to keep those levels of talent retention high, too.