One of the largest companies in the US and worldwide is also one of the leaders when it comes to the number of employees. The largest retailer of America is also the biggest private employer and what's even more fascinating is that half of their workforce are hourly workers or part-time employees.
On top of that, Walmart is constantly expanding, building new stores, and hiring new employees. Their operations are very successful and one of the reasons is because they are able to maintain a large base of satisfied employees. This is achieved through several practices that the organization deploys through their HR efforts.
Today we are going to talk about Walmart, their hourly workforce and the things they do to maintain their management efforts to keep this workforce motivated.
They have a consistent employment retention strategy
Every organization today must be able to retain its employees. Recruiting and on-boarding employees is not that difficult compared to retaining them for a long time. This is especially true when it comes to part-time workers. Walmart recognizes this, which is why they have a full HRM: Recruitment, Selection, Employee Retention strategy.
It's in Walmart's interest to improve their employee retention strategies as much as they can so that they can reduce turnover and the costs that go along with it. Employee turnover costs a lot, especially when considering the expenses the company has for training, selecting, and recruiting their part-time employees.
Walmart has a combined set of approaches for achieving their employee retention. Here are their most applicable strategies for this purpose:
- Recognizing and acknowledging employees based on their performance.
- Giving employees added benefits based on their position or status.
- Providing incentives to employees based on their position and status.
All of these strategies apply to all their employees, no matter if they are full-time or part-time. In most cases, companies don't take into account their part-time employees within their retention strategies but Walmart does.
Affordable insurance and health care options
Most companies don't provide any benefits to their part-time employees because they don't consider these employees as dedicated members of their organization. This is not the case with Walmart. They give both full-time and part-time associates who are eligible affordable options that also include 100% covered eligible preventive care without lifetime maximum.
They also have medical plans that start at $25 per day and this includes vision and dental plans. They also provide domestic coverage partners and have a program that covers advanced procedures such as lung cancer, knee or hip replacements, heart procedures, spine procedures, and many others.
All the part-time employees also get free access to health care advisors in the company and nurse care managers. These are just some of the insurances that Walmart offers for part-time employees. In reality, a very small number of companies will provide such benefits, which is very appealing to their employees and the main reason they stay with the company for a long time.
They give employees a lot of freedom
Naturally, every part-time or hourly employee chooses this kind of employment because they want to have more time on their hands and they don't need the benefits of higher salaries that full-time employees have. Instead, employees are given flexible work hours but they all need to have a certain amount of hours that they put in during each month.
This opens up the opportunity for hourly workers to focus on other ventures in their life, such as education, training, or entrepreneurship. Walmart is also constantly upgrading their parental benefits. Associates that become parents through foster care programs, adoption or birth can also get as much as 6 weeks of paid leave. This includes all the states in the US that have paid parental leave.
All employees get a 10% discount
Apart from giving hourly employees solid salaries, great health insurance, and the ability to get as much free time as they need, Walmart also provides a 10% discount to all their employees. They might not be making as much as full-time employees but they also have the opportunity to compensate for that by using their discount.
This is why a lot of students decide to get a job at Walmart. They have safe incomes and they can reduce their expenses and we all know how expensive college can be. And since they have flexible work hours, they can always work less to focus on their studies. Later on, when they have more free time, they can focus on work to earn more money.
When you combine all these things together, you realize why Walmart has so many satisfied part-time employees and how they are able to keep such a large number of employees. At the same time, these employees can become full-time workers if they want to and get greater development and training incentives, as well as the opportunity to advance within the company.
Workstream (www.workstream.is) is an end to end hiring software built for the hourly workforce, cutting in half the time to hire and on-board workers, via SMS / text communication, automated workflows, online document signing, and more.