How To Retain Top Talent – Pay Employees To Quit
Companies are aggressively on the hunt for top talent, leading you to wonder how best to retain the employees you already have.
The answer might surprise you, but paying your employees to quit might actually give you some real insight into your employees and your company culture.
Once a year, Amazon offers to pay full-time associates at Amazon fulfillment centers up to $5,000 to leave the company. This tactic gives Amazon the upper hand in making sure that they’re always on top of their employees and their success.
If your employees are unhappy enough to take a “quitting bonus,” odds are you don’t want them working for you anyway.
Would you pay your employees to quit? Here are some reasons why you might want to consider it.
Save Time And Money
Employers spend a lot of time and money on each individual employee, and having an employee with little interest or commitment to your business can cost you in more ways than one. Employees who aren’t happy with their job can be unproductive. This can cost a business in time. Extended deadlines, unhappy clients, and a lull in overall production can set other team members behind.
Employee investment is a real thing. Paying a few employees to quit is money better spent than investing salaries, training, resources, and development into those who don’t want to be there. Some employees try to stick around until they find something else, however the company takes a big loss.
Improve Company Culture
There are many costs associated with employee turnover. Encouraging your employees to quit might seem a bit counter-intuitive but it actually helps productivity, employee engagement, and is an overall money-saver in the long run.
Your company culture is a key part of retaining talent. It’s important that your employees feel like they are a part of a team, valued, and appreciated. However, working with co-workers who seem disengaged and unproductive can really drag down the momentum and energy levels of other employees.
Offering people a “way out” if they realize the company isn’t a good fit, is a great way for your business to protect your current employees. It shows them that you are committed to creating a happy and productive working environment.
Streamline the Hiring Processes
A hiring manager can really take an opportunity like a “quitting bonus” type structure to improve the overall hiring process. Accounting for that pay-to-quit option as a part of the budget, might caution them on who they hire in the first place.
Most people on the job hunt are positive they can handle any working environment. They may be so preoccupied with landing the job that they overlook any red flags. It’s not until after that they realize they aren’t in the right fit and want to make a change.
During the hiring process it’s crucial to speak about the cultural environment just as much as you do the actual job responsibilities.
The Opportunity For A Fresh Start
As a business owner, you want your employees to want to be there. And if they don’t, it’s not benefiting anyone. It’s not to say either party isn’t appreciative of the work that’s been done already, but the employer has the opportunity to clear out any potential negative impacts on their business and the employee has an “out” if it’s wanted. There’s an opportunity for both parties to have a fresh start. In the end it’s important for everyone to be successful, even if that means working together isn’t the best fit.
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