||Employee Retention Programs
Maintaining Your Workforce
Statistics gathered by the Oklahoma Department of Labor for the US Bureau of Labor Statistics show that employees with less than one year of service are twice as likely to be injured at work than employees with more than five years of service with the same employer. These statistics suggest a direct causal link between workplace injuries and the amount of time an employee has worked for the same employer.
Employee turnover is a costly problem for businesses in many ways. The hiring process, training, lack of experience and other factors drive up the cost of doing business. These costs are passed along to consumers and often limit a company's ability to create new jobs or increase salaries and benefits for its existing workforce.
This page is intended to help employers and employees by providing information on programs and services designed to assist in creating a stable workforce through employee retention. Check back often for updates, ideas and information on ways a company can build on the investment already established in its employees.
Employee Assisted Housing
One program that is reportedly being used very successfully throughout the country to reduce turnover is the concept of Employer Assisted Housing (EAH).
This employee benefit helps employees with their housing needs while supporting critical employer goals referred to as the "Five R's" - Recruitment, Retention, Return, Revitalization and Recognition.
Typical EAH benefit choices include home buyer education, matched savings programs, loans or grants. A benefit designed to encourage employee retention, EAH can be a tool that helps improve the work environment and increase safety.
ODOL has teamed up with Fannie Mae, the nation's largest investor in home mortgages and the State Chamber of Commerce to create a public/private initiative in which Fannie Mae's Oklahoma Partnership Office will provide free technical assistance to any employer interested in offering an EAH benefit.
To learn more about EAH visit http://www.fanniemae.com/portal/index.html. Or, you can contact the Fannie Mae Oklahoma Partnership Office at 405-552-2000.
Last Modified on 06/08/2016