One of the most important parts of running a successful business is keeping employees happy. This is the best way to make sure employees stay with your company as opposed to leaving. This is important because so many businesses lose out on a large amount of money because they fail to retain employees. However, giving employees paid vacation time is a sure-fire way to focus on employee retention.
The average no-show rate is 10% every single day for businesses that end up struggling with employee retention. Make sure you set up a job system with great benefits so that you can keep workers happy. While hiring a human resources consultant can help, so can set up a great property management system that books certain hotels for employees to go on vacation.
Employee retention software will note that keeping workers engaged will keep them with your business. Once they feel unappreciated or potentially invaluable, they will probably look for a place to work that provides them with value. This is no different than how a customer interacts with a business. According to Harris Interactive, 86% of consumers quit doing business with a company in 2011 because of a bad customer experience.
Just about 75% of all travelers are going to plan out one or more weekend getaways for the winter season. People want to get away from their daily stress for a great vacation. If you give employees paid vacation as a potential benefit, this will make them incredibly happy. They will be able to take time off of work that is basically free and they will come back to work refreshed and happy.
What is interesting about vacation planning is that you can even set up hotel property management software and you can work closely with hotel management to get deals on hotels. This can be done because nearly 74% of all travelers said they want to return to a destination they previously visited. So people do not need spicy vacations that are at random, some will be happy with a vacation in a place they have already visited. This is just one way to avoid dealing with the negatives attached to employee retention.
According to a recent survey, just about 26% of Boomers were planning to take domestic multi-generational trips. Just about three or more generations traveling together in the year of 2016 alone. There is no doubt that a large portion of people would stay with a company to get benefits like paid vacation and healthcare. So think about this if you are a business owner that is fearful of dealing with employee retention.
In Conclusion
More than half of Millennials and Gen Xers say cost is a barrier to leisure travel, but only 45% of Boomers agree. This statistic alone is enough to understand just how much value paid vacation can have for a younger employee. Some younger workers would love to stay with a business that offers these types of amazing benefits!