Employee Turnover And Retention Briefings Abstract: 63
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Republic Bancorp was named the top small business to work for in 2005 by Fortune Magazine. They were also named number 3 on Fortune Magazine's overall list. The bank attributes their success to employee motivation.
The bank is very generous in three areas: time off, training, and bonuses. It is paying off for them: In an industry where the turnover rate is 25%, their turnover is 13%. Not surprisingly, their employees are very happy. In their annual survey, 95% said they were very satisfied.
Here are some of the strategies this financial services company uses to keep their employees motivated and happy.
Training: 50 hours of annual training - on company time
Time Off: 35 paid vacation days
Bonuses: $10,000 bonus last year for their customer service representatives due to strong home buying
Family Leave: Six weeks family leave for new mothers and fathers at 2/3 pay and 12 full paid days to care for sick family members
Flexible Schedules: used by 3/4 of all employees
Other benefits: 50% 401k match, stock options for all employees, the same health benefits for all employees
Republic was also named to Working Mother Magazine's 100 Best Companies four years in a row. Three quarters of Republic's staff are women, so a generous family leave benefit goes a long way to keeping their employees happy and productive.