benefits

How to Reduce Unwanted Turnover

Reducing turnover is a balance between finding the right talent and retaining that talent.

According to the Center for Nonprofit Management’s (CNM) Southern and Central Compensation and Benefits Report, 36% of participants of the report have trouble retaining their top performers due to their inability to offer a competitive salary and benefits package.

Unlimited Vacation

Unlimited vacation time is a perk that is rising in popularity. The popular pros of this policy are more flexibility, cost effective, and an added recruiting tool. On the other hand, cons that could arise are abuse, unfairness, and problematic planning. But should your company do it?  Here are some things to consider in order for this policy to work.

1.     Make sure employees are actually able to take time off. Some companies disguise this policy as a way to avoid paying for vacation time when employees do not have the opportunity to take vacation.

2.     Unlimited vacation should be different than sick days.

3.     Unlimited vacation is optimal in environments where employees are not required to be onsite to complete their job. Places that are more project-based or client-based could be possible candidates for an unlimited vacation policy, while sales organizations would have higher difficulty implementing this policy.

4.     Offer vacation fairly. It will be difficult to balance granting vacation to employees at the same time. Management will have to pick a vacation schedule that is fair throughout the company

Surprisingly, most employees feel obligated to be results oriented and only take vacation after they have finished their responsibilities. Also, companies could put a cap on how much time people can take off at once if overuse were to occur.