Professional networking site, LinkedIn, recently gathered data to compare employee turnover rates by industry, such as Retail & Consumer Products, Media & Entertainment, and Financial Services & Insurance and ranked them by employee longevity.
Topping the list with the highest rate, despite legendary perks such as nap pods, free meals and snacks, and unlimited time off, is the tech industry, still a competitive job market with lots of competition.
Taking a closer look at the data within the tech industry, the San Francisco Business Times, reported on which tech companies in this highly competitive job market, were succeeding in retaining employees, and as we may all agree, is vital to long-term growth and success.
Top Companies succeeding in retaining employees
On the top of the list is Cisco, leader in IT and networking, with employees staying an average of 7.8 years, following by Oracle for 7 years, Adobe for 5.3 years, Apple for 5 years, and Salesforce, for 3.3 years. Companies with the highest turnover rates averaged 1.8 to under 3 years before employees moved on.
Commuter Benefits offered in top companies to enhance the benefits package
Among the many attractive perks offered at the places where employees were staying longest, were tuition reimbursements (Cisco), corporate discounts on everyday products (Oracle), private A-list celebrity concerts (Apple), public transportation commuter stipends (Adobe) and commuter benefits (Salesforce).
The commute and the cost of commuting continue to be a strong decision making factor for new hires and employees who may be considering new options.
Having a commuter benefits program in place will enhance your overall benefits offerings, but promoting it on an ongoing basis with existing employees and in recruitment efforts will realize its full value.
Who Are We?
We are Commuter Benefit Solutions. Since 1985, we’ve been providing commuter benefit programs that combine quality, efficiency and full compliance with IRS regulations. If you’d like to evaluate your current program or implement a new one, we’re here to help.
If you are interested in learning how to start a commuter benefit program to enhance your benefits package and attract and retain talent, get our free guide below: