We at Navigos Search found that most companies are reluctant to invest in employee retention policies thinking that it might be disproportionately expensive to keep people. However, a loss of customers, supplier confidence, investor support and employee morale can be very expensive. To win the war for talent, we recommend that you refer to the following creative retention practices from companies that we have had a chance to get an insight from.

1. Philanthropy in the workplace.

We have recently observed that many of our clients promote philanthropy among employees and encouraged them to donate a few hours per month to their favorite charity.

2. Paid Vacations (Expenses Included)

It might sound odd to hear about forced vacation or payoffs to spend time away from work, but it can actually boost employee morale. Organizations that implement this policy gave each employee one month off with pay.

3. Childcare During Summer Break

A major challenge for employees today, particularly for working mothers, is childcare. Some organizations are smart enough to sign contracts with childcare providers to provide childcare services during the summer break.

4. Employee Wellness Care

People are increasingly concerned about nutrition, exercise and stress management. A global best practice to address this need is to organize health coaching and fitness classes, which help employees change their behavior for the better.