The Denver Post’s Top Workplaces employers understand that keeping their employees engaged and maintaining a healthy work-life balance are critical factors in retaining their most valuable assets.
Although the Great Resignation is over, because Colorado’s unemployment rate remains under 4%, retaining and recruiting quality employees continues to be challenging.
According to an Express Employment Professionals-Harris Poll survey, one-third of U.S. hiring managers expect employee turnover to continue this year.
The average cost of losing an employee is $36,295, while some employers estimate it to be as high as $100,000 or more due to lost productivity and the cost of rehiring, the survey said.
Employers attribute turnover to:
• Better pay/benefits or company culture offered elsewhere
• Increased workplace demands
• Resignations
• Employees feeling overworked
• Competitive job market
• Better perks like summer Fridays or unlimited vacation days
• Retirement
The best workplaces prioritize employee engagement and work-life balance to retain top talent and attract new employees.
They offer perks such as flexible work arrangements, robust benefits packages, career development opportunities, and a focus on giving back to the community, which create high employee satisfaction and retention rates.
Flexibility remains in demand
Employees continue to demand opportunities to work from home or maintain a flexible, hybrid schedule. Most Top Workplaces meet that need.
Elevations Credit Union offers hybrid work and asks employees to be in the office 50% of the time.
Charles Schwab uses a hybrid schedule to encourage a healthy work-life balance.
Bloom Healthcare, which provides hands-on care to help patients age in place, offers flexible work schedules and work-from-home opportunities to accommodate employees.
“We recognize that life can sometimes be unpredictable, and by providing flexibility in their work hours and location, we empower our employees to maintain a healthy work-life balance,” said Mike Bunting, Bloom Healthcare’s chief operating officer and co-founder.
Liliana Mendez, Madison & Co. Properties operations manager, said the real estate company recognizes the importance of work-life balance and prioritizes it within its culture. “Our flexible schedules and remote work opportunities empower our team to achieve a healthy balance between their personal and professional lives,” she said.
Marisa Daspit, Ibotta chief people officer, said the shopping rewards company listened to employees to create their desired work environment. To help employees return to the office, Ibotta pays for onsite parking and provides a lunch stipend.
“We offer a hybrid approach that includes high-impact in-office days and work-from-home days each week, so our local Denver employees get the best of both worlds,” she said.
Listening to employees
Colorado’s Top Workplaces employees want their bosses to listen to their concerns.
Elevations Credit Union regularly surveys staff, starting with 30-, 60-, and 90-day check-ins for new employees, twice-annual employee engagement surveys, and benefits surveys every few years.
“It’s key for us to give our employees the opportunity to tell us what we’re doing well and how we can improve. That kind of communication is one of the best ways for us to make sure we’re looking after their needs,” said Kathleen Hoxworth, Elevations Credit Union communications and talent strategy vice president.
Binh Diep, Slalom Denver’s general manager, said feedback and communication are crucial to helping employees thrive by ensuring leadership knows what they need.
“Feedback cycles, both upwards and downwards, celebrating each other’s achievements are a few things, but also making sure we have the right support systems in place for our teams,” Diep said.
Valuing employee contributions
Employees also want to know their supervisors value their work and understand how their efforts help the company.
Daspit said the company’s mission-driven culture sets it apart.
“Our values of ownership and ‘a good idea can come from anywhere’ mean that employees, at all levels, can make an impact,” she said.
“Our revenue organization works with some of the largest brands and retailers in the world. Our marketing team is empowered to deploy budgets without unnecessary manager approvals, and our technology groups frequently host hack-a-thons to brainstorm and deliver solutions.
Mike Bunting, Bloom Healthcare’s chief operating officer and co-founder, said attracting and retaining top talent is crucial to the company’s success.
As an employee-owned organization, Bloom employees participate in the company’s growth and success, which creates a culture of aligned goals and decision-making that promotes buy-in and retention.
Bloom’s environment is dedicated to helping team members “Bloom personally, Flourish professionally, and Thrive as members of our community.”
“You’ll often hear and see references to “Bloom, Flourish, Thrive” across our organization, whether it be our charitable foundation or our employee-led culture committee. Bloomers have embraced this philosophy wholeheartedly,” Bunting said.
Improving skills
Employees also want to grow and develop professionally by learning new skills.
To help employees “flourish professionally,” Bloom provides mentoring and coaching to provide guidance, support, and opportunities for professional growth. It also offers a comprehensive leadership training program to nurture and enhance leadership skills.
“We are dedicated to creating an environment that supports the growth and development of our employees and enhances their overall well-being,” Bunting said.
The process for keeping Elevations Credit Union employees starts with a robust 90-day orientation process and continues with training, development, and mentoring.
“We want Elevations to be the best place our employees have ever worked,” Hoxworth said. “We have many programs in place to not only provide great experiences but also ensure that we understand and meet our staff’s needs.”
