Retention Tips: Rewards, Perks and Reasons X-ers and Millennials Stay

We all know that one of the most expensive business costs is attracting talented people to work for us.. Often times my clients and audience members ask me the same question:

     "Once we get 'em, how do we keep 'em?"

Clients tell me the talent "burn/churn" rate is too high  and rising. It's keeping them up nights, and impacting their bottom line. Well, there is "good" news and "bad" news here. First, I'll share the good news. There are many simple actions and programs you can put in place that will create a "sticky" factor that helps current and potential employees want to stick around longer.

Now, the "bad" news. I said simple, not easy. There is often push back from more "senior" or "tenured" employees saying, "We didn't get that. Why should they?" That response, if you let it stop you, will be the exact reason that X-ers and Millennials choose to leave, or never accept the job in the first place.

More "good" news however, is that once you put some of these new perks and programs in place, the Baby Boomers will love 'em, and it may be what helps keep them in the workforce longer.Baby Boomer are looking desperately for more work/life balance. As they deal with aging parents, boomerang children that keep coming home, and the time demands of being at the top of their professional career, some of the new perks, work schedule and formats are looking mighty good.

So where do we begin to understand what makes each generation stick?

What kind of perks, packages and rewards are compelling enough to have employees ignore the lure of greener pastures that competitors dangle in front of them?

Good questions. To help you answer this I want to share what the "Best Companies in Washington" (as reported by the Puget Sound Business Journal) are doing in this area. When I added all their perks and rewards ideas together I saw seven categories arise, and the next few posts will go into detail on each category and share how you can learn from what the best are doing.

So to get us started, here are the big picture categories of Perks, Rewards, Compensation and other ways companies create a culture and environment that says, "We appreciate you, and we want you to stay."

• Category 1 - Concierge Lifestyle
• Category 2 - Family Friendly
• Category 3 - Flexible Work Schedules
• Category 4 - Work/Life Balance
• Category 5 - Discounts and Cost Savings
• Category 6 - Self-Development Support
• Category 7 - Profit Sharing