There was a point in my career where my employee turnover rate was over two hundred percent and our revenue was stagnant. I decided to give benefits that employees in that industry had never seen. A year later, I was losing more money and a slim percentage of employees were interested in those benefits. So, I sat down with my 50 employees and asked them what it would take to motivate them. They all expressed that higher hourly wages would trump the benefits. I figured out a quarterly performance review process that would adjust the hourly wage based. It brought down my turnover to under twenty percent and revenue started to grow by twenty percent, month over month.
Contributors: Yasmin Shah, CIO of Digital Health Forward