The Company Excelling in Employee Retainment – and How to Compete

Retaining employees is a major concern for most companies, and finding the key to employee satisfaction can be difficult. At Arvest Bank, over 40% of employees continue working for the company for more than a decade, compared with only four years for the national average.

Chief people officer at Arvest Bank, Laura Andress, says it’s all about culture. Promoting a culture of care is paramount in Andress’ assessment of their high retainment rate, and this is built upon respect and communication starting from the top down. Andress explains that executives need to be asking employees’ feedback and opinions in order to build a sense of care and trust. Arvest Bank has an open door policy, which means that any person can talk to a leader at any given time, even the president of the company. Regardless of their size, Arvest Bank understands that employees’ opinions matter.

The employees at Arvest are constantly asked for feedback through engagement surveys as well as manager surveys and peer surveys that are kept confidential. Andress says that most importantly, Arvest holds themselves accountable for the needs and concerns that employees express throughout the surveys so that changes can be made to help. Many companies ask, but don’t follow up employee concerns with action. That’s where Arvest stands apart.

Benefits are big at Arvest, with the company offering six weeks of paid time off as well as the ability to roll over accumulated time every year, culminating at over 600 hours. Employees at Arvest also get 12 weeks for paid parental leave. What’s more, Arvest provides profit-sharing bonuses as well as profit-sharing retirement bonuses which can greatly increase employees’ salaries at the end of the year. Arvest boasts a self-funded healthcare plan, keeping insurance costs low for both the company and its workers.

For more information contact Eric Allen Kauk, Esq., LL.M. at (813)-203-0208 for guidance.