Employee retention is a major pain point for business of any size and type. Companies that fail to keep their staff happy face tremendous costs in recruitment and lost productivity. Long gone are the days in which we would stay in a job for decades. Particularly, when it comes to highly specialized positions, job hopping is the new norm. In the US, according to the Bureau of Labor Statistics, 76% of workers aged 35-39 remained in their job, on average, for fewer than five years.
Losing an employee is costly, and often, bad for team morale. Beside the emotional impact, you need to consider the costs of hiring (posting a job, recruitment, conducting interviews), on-boarding (managers and colleagues spent time training), and the learning curve period until the new employee is fully productive. It takes time to hire and replace an employee.
Therefore, CEOs, founders and managers understand that keeping staff happy can be the difference between wining or losing. Google ‘employee retention’ and you’ll find dozens of pages offering tips and advice.
Making employees feel rewarded, or giving timely and fair feedback should be actions in any manager’s book. Other less obvious strategies might require a stronger company commitment and even perhaps financial investment. However, often, reduced employee turnover —and cost of replacing leaving employees, can offset such investment.
We asked ourselves if travel could be a strategy for employee retention and if it can contribute to keeping staff happy. After all, everybody likes traveling. Take a read of our five travel-related ideas that can help you keep your staff and make your business an awesome place to work.
Five travel-related ideas to keep your staff happy
Organize a work retreat
Many companies live in the cloud, and therefore they are not dependent on a particular location or office space. When winter comes, a company retreat to a warmer, paradisiacal location can be an excellent way to boost morale, enhance team work and keep your employees happy. This can also serve as a PR campaign to attract talent.
Unlimited holidays is a hot topic —and still rather controversial. However, letting employees take as much holiday as they like can strengthen employer-employee relationships. Companies give employees flexibility to balance their lives, while in return staff commit harder whilst they’re at work to getting the job done.
A work trip as a bonus
Most employees rarely travel for work. For them, an opportunity to get out of the office is an exciting bonus. For example, you can reward employees with a trip to a leading conference. This is not only beneficial for employees, but also contributes to bringing in new knowledge to the company.
Flexible working hours and remote work
Ask yourself: do all your employees need to be present in the office every day? A flexible working hours policy builds trust and promotes work-life balance. This way, parents can choose to work shorter afternoons, so they can pick up their kids from kindergarten or school and those gym buffs can grab a morning class before answering their emails. Additionally, you can let your employees work remotely if they wish to spend a few days in a different location.
Bleisure and flexible travel policies
Bleisure is such a buzzword, isn’t it? But the truth is it is also a top employee benefit. Many traveling employees appreciate extending their work trips with a few days of holiday. If they must travel to Berlin for work, why not give them the freedom to also explore the sights too? Go that extra step and ask them to write a blog about their experience for your website – new content and positive working experience for your next recruitment.