Employee turnover is expensive, Glassdoor’s Andrew Chamberlain suggested – claiming the cost of replacing staff was 21 per cent of their annual pay. This is why quirky perks, career progression and good corporate culture need to be on offer.
In order to “reveal important clues to the HR puzzle of how to retain talent,” Chamberlain looked at the résumés of 5,000 employees who quit their jobs and are using the website to hunt for work once more, and combined it with company rankings and salary information.
He found that the longer a member of staff worked without a change in role or title, the more likely they were to leave. Progression over time, he said, was key, but only if pay went up at the same time.
“We found that ten per cent higher base pay is associated with a 1.5-percentage-point increase in the likelihood that workers will stay at their current company the next time they move to a new role, a statistically significant link,” Chamberlain explained.
“The lesson is that in the long term, employees won’t stay for new job titles alone. As they assume responsibilities on their upward paths, compensation should rise along with career arc. If managers do not offer meaningful promotions, in both responsibilities and pay, staff will look elsewhere for their next role.”
Its latest endeavour to highlight what bosses can do to keep staff, however, brings other incentives to the fore. While finance will always be a motivator, employees love it when quirky perks are thrown into the mix. That’s right, the more unusual – we’re not talking gym membership or free cafeteria food – the better.
In fact, 34 per cent of those who took part in Glassdoor’s survey claimed quirky perks were the first thing they looked for when accepting a job – linking back to why so many companies have had to get creative in the first place.
But which companies are lighting the way in this respect? Glassdoor unveiled the top 20 quirky perks job seekers said they would die for.
1) Hotjar provides employees with €4,000 (£3,099.33) to build a home office.
2) TransferWise has an office sauna.
3) BrewDog offers “paid puppy leave”, a week of paid holiday to help dogs settle in.
4) Winton Capital Management employs a “Food Evangelist” to provide dietary advice.
5) Money.co.uk moved its staff to a renovated castle with a Star Wars themed cinema.
6) VisitBritain gives staff free West End theatre tickets and facilitates regular trips to UK attractions.
7) JustEat do give staff free food and drink on Friday’s, but it also has a resident DJ.
8) Cloudreach takes employees on “secret holidays” across Europe and North America.
9) Buzzfeed UK gets British musical talent to the office every Thursday to perform for employees.
10) Expedia UK supplies an allowance of between £400-£1,200 to spend on fitness items.
11) UKFast gives one extra week paid leave when employees get married and £10,000 bonus for ten years’ service.
12) Smarkets’ “self management structure” means staff decide when to come in and what to work on.It also has a team of full-time chefs.
13) Yell offers an uncapped commission structure. Earn as much money as you can.
14) Harrods gives staff 33 per cent discount on all items and 50 per cent reduction for business attire.
15) Facebook assists staff during adoption or surrogacy and supplies “baby cash” to help with newborn expenses.
16) Qubit offers weekly yoga, meditation and pilates classes.
17) ZPG gives staff interest free loans for home improvements and weddings.
18) WorldFirst has an arcade machine with classic games.
19) Phoenix Partnership provides sailing trips to locations across the world.
20) Mind Gym plies staff with cocktails every Friday.