How CVS Health, McDonald's and more retain staff

Since the onset of the COVID-19 pandemic, companies nationwide have struggled to keep workers on staff, but human resources experts say focusing on short-term retention goals may be the key to longer employee tenure, according to a Wall Street Journal report. 

Major companies, from Wendys to McDonald's, have tried myriad techniques to retain employees amid a months-long employee shortage. 

Instead of setting long-term goals, many companies are setting a 90 day goal for retention. 

The Wall Street Journal reported June 25 that, according to several CEOs and managers, once employees remain for 90 days, they are more likely to stick around for months to come. 

In order to retain employees until this 90 day mark, companies are rolling out special bonuses, training programs and perks for those who stay past the goal. 

While McDonald's and Wendys are offering major sign-on bonuses, typically employees are not eligible to collect them for 90 days.

CVS also gives its warehouse employees a $1,000 bonus after 90 days. 

"If you see someone hit the three-month mark, the reality is, they're going to be here for at least a year," Marissa Andrada, chief people officer at Chipotle Mexican Grill, told The Wall Street Journal.

Ms. Andrada also said it's important to give employees a clear schedule and clear expectations and requirements in order to promote retention. 

Other companies, including payroll and benefits administrator Group Management Services, are offering perks like company vehicle access and free gas cards once an employee reaches their 90 day mark. 

Group Management Services also gives employees a strict checklist of daily requirements, including sales call quotas and other weekly goals, to help employees adjust to the routine of a new job. 

By providing clear requirements for employees, along with financial and material perks, companies have had more luck retaining a strong workforce in a time when employee turnover is close to 37 percent in many industries.  

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Webinars

Featured Whitepapers

Featured Podcast