Employee reward systems have a positive impact on productivity and provide public recognition. Spot awards of gift certificates for dinner, movie tickets or shopping cost little and provide instant recognition for a job well done. Years of Service awards recognize the value of long-term employees. Attendance bonuses, incentive pay, and profit sharing are ways to provide financial rewards to your employees. Employee of the Month programs with cash rewards, special parking places, and award certificates can have a positive impact. When instituting any reward program, it is important that you select criteria that are specific and measurable. If the selection is subjective, you run the danger of perceived favoritism that will have a negative impact on employee morale.
Employee retention is all about re-recruiting your own employees. Remind them about the unique benefits that make your company a great place to work. Make personal connections, recognize business and personal accomplishments, take an interest in them as individuals. Above all, remember to let your employees know they are valued and appreciated. Positive feedback has no cost and motivates good employees to even better performance.
Mind the door
If an employee makes the decision to leave your company, make sure to talk to them. Find out why he or she has made the decision to leave. Often you can provide the incentive that will make him or her stay. If not, find out what your competitors are offering that you do not. Most importantly, leave the door open for good employees to return. Often people move on to a new job and find out that it is not what they expected. He or she wishes that they could return to the old job, but pride prevents their return. If you have left the door open, you make it easy for a good employee that has made a poor employment decision to return to your company. Practice back to basics retention - hire the right people, survey your employees to find out what they want, provide opportunities for continuous development, make work fun and challenging, and build lasting relationships with employees. The bottom line is that every day your competitors are recruiting your best employees. Don't leave your future to chance - create a strategic approach to employee retention and practice good, basic management skills.
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