It can cost $5,864 every time an employee leaves your company, according to a study by The Center for Hospitality Research at Cornell University. Plus, you must consider the “hidden” costs of turnover, like lost productivity, reduced team morale, and worse customer service. It’s time to turn the tides on turnover and learn how to retain employees. And, there’s no better way to discover employee retention strategies than by looking at some of the top franchises.
Explore a few options below or simply do what many successful franchise owners and operators have done to improve employee retention: Use Sprockets. Our AI-powered platform is proven to reduce costly turnover by revealing which applicants are the most likely to succeed and stay long-term.
Learn How to Retain Employees
This fast-food giant has the solution to your hunger, and they believe they’ve found an answer for improving employee retention as well. In recent years, McDonald’s has increased wages and offered more enticing employee benefits. Crew members can enjoy hourly pay that’s slightly above minimum wage as well as paid vacation and a tuition assistance program. The franchise plans to raise overall wages to an average of $15 per hour by 2024. What makes these incentives particularly compelling is that they are offered to all workers — both part-time and full-time employees.
If we look at Chick-fil-A’s business model, you’ll find a 60-year-old initiative to retain high-quality employees by creating and maintaining positive workplace cultures. It all starts with a focus on recruiting applicants who are the right fit for Chick-fil-A’s culture. Hiring managers look for matching traits in the three C’s: character, competency, and chemistry. Participation in Chick-fil-A’s company culture also goes beyond the front-line workers. Leaders must value open communication with all team members, and every guest should feel as if they are part of the positive environment at each location.
High employee turnover is not only a concern for QSR franchises. The problem extends to the home health care field as well. In fact, Home Care Pulse reported that caregiver turnover hit an all-time high of 82% in 2018. Luckily, some top franchises and business owners have implemented strategies to tackle their turnover rates. One example includes Mark Turnbull of ComForCare, who has increased training opportunities, consistently monitors retention rates, conducts exit interviews, and tries to match caregivers with patients to create the best possible relationships and work environments.
Top Franchise Brands Trust Sprockets to Improve Retention
All of these three franchise brands (and many more) trust Sprockets’ AI-powered platform to improve employee retention by an average of 43%. Our sophisticated solution augments sourcing efforts and reveals which applicants are the ideal fit for your business — before you even interview them. It finds the common thread between your top performers and potential hires, enabling you to make better hiring decisions and reduce costly turnover.
Schedule a free demo today to improve employee retention like these franchise brands have done!