Explore more options than money to boost employee retention

In the ’90s, I met a company that provided computer networking and system integration services to its clients. On our tour, the CEO showed us a room he called the “Funhouse,” which housed the latest computers, servers and software and was available to all employees.

“Our employees are systems engineers,” he explained. “They love being able to learn the latest technology. This room is my best employee retention tool.”

Managers tend to think of employee retention in monetary terms – salary, vacations, insurance and retirement plan contributions. Exploring other things that employees value can enhance morale, boost productivity and reduce turnover.

– Kip Caffey, Gibraltar Wealth Management