5. Offering Compelling Incentives
Every single successful franchise offers its employees enticing incentives that motivate them to push harder and go above and beyond to achieve the company goals.
Those incentives include various benefits, such as health, life, and dental insurance, retirement plans, paid time off, vacation, flexible work schedule, and many other benefits.
While these are all very important, most employees appreciate monetary benefits the most. Giving the top performers a bonus, or a raise, is the best way to motivate them to keep working hard. It shows that you recognize their efforts, and that you truly appreciate everything they do.
According to multiple successful franchises
, money is the best way to retain employees and inspire their loyalty.
Apart from the benefits mentioned above, you can provide profit-sharing bonuses, trips, and vacations for top performers, gym memberships, wellness programs, and even organize annual contests and enable your workers to receive great prizes. Those can include money, but they can also include TVs, iPods, or some other valuable products.
Whichever incentives you choose to offer your hourly workers, the key is to give them something that encourages them to stay. Give them something that your competitors don't offer, so that they don't jump ship.
If you don't value their work, and don't compensate them properly for all their efforts, they'll have no problem finding someone else who will. Chick-fil-A Setting a New Threshold Chick-fil-A is paying $18 an hour to retain its hourly workers
. The American fast food restaurant chain sets a new threshold with this sizable raise, given that the minimum wage at other fast food joints in the United States ranges from $12 to $15. Starbucks College Achievement Plan
A large number of hourly workers are high-school graduates who are looking to gain more knowledge and acquire new skills.
One great example of a franchise using training to retain hourly workers is Starbucks. The coffee giant partnered with Arizona State University in 2014, and created the Starbucks College Achievement Plan
The plan enables all their benefits-eligible part-time and full-time employees in the United States to earn a Bachelor's degree through the university's online program.
The best part about it is that the tuition is fully covered. All the out-of-pocket tuition costs are reimbursed directly into the paycheck at the end of the semester.