Sunday, May 22, 2016

Two ways to retain good employees?

The exact cost of training new employees varies from job to job, but one study from the Center for American Progress says training can cost 16 to 21 percent of an employee's annual salary. That's why smart bosses want good employees to remain loyal. Take Chich Huang, for example. He's CEO of a New Jersey firm called BOXED WHOLESALE. To encourage company loyalty, he already pays the college tuition of employees' children  (out of his own pocket) and recently he took his generosity up a notch.

He has 122 full-time employees. One of them, Marcel Graham, 26, works in the shipping fulfillment center. He was set to marry Tara Aucoin, but his mother became ill and he spent all his wedding money for her care. That's when Huang stepped in. He arranged for Tara to be at the fulfillment center when he announced a new company policy for all employees. The firm will contribute $20,000 toward the wedding of any employee who ties the knot. Most employees agree Huang is the most empathetic, big-hearted boss you will ever find, and company loyalty is VERY strong.

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