You don’t want to risk losing your best employees, do you? Of course not. So why is it that so many businesses make fatal mistakes when it comes to their employees and wonder why staff turnover is high?
Whether your business is big or small, ensuring that employees feel valued is important.
If staff feel unappreciated, this leads to a drop in motivation, a drop in productivity, and a drop in results. Ultimately, this can cost the business dearly.
1. Recognizing Loyalty
Loyalty is an asset that should never be taken for granted. The best employees are those that are loyal and have been with the company for years.
These highly experienced team members are the cornerstone for the present, and future success of your business, as newer members of staff look up to them, even if they share the same job title.
When an employee reaches a milestone within the company, it is important that this should be recognized and rewarded.
Whether this comes in the form of a pay rise in conjunction with a salary scale, or a non-monetary benefit such as an extra day’s holiday, it is up to you and/or the company and will go some way to ensuring that the member of staff feels valued.
2. Pay What They Are Worth
Not all benefits have to be financial, but there is no getting away from the fact that companies simply must pay what the employee is worth. Otherwise, there is every chance that another business will.
Business directors and HR professionals should make it their business to be aware of what pay should be expected in terms of job role and experience.
Many businesses understand the importance of salary benchmarking in order to ensure that they retain valuable members of staff, decreasing the chances of employees leaving for financial reasons while also keeping the company’s salary scale even.
3. Positive Feedback
Giving positive feedback is every bit as important as providing constructive criticism. Otherwise, an employee can quickly become disillusioned within their role and look for an escape.
If you worked hard on a project and yielded exceptional results, you too would expect some degree of praise from management.
Always look to give positive feedback where possible, if only to relay the message that your employee is doing a good job.
Too often, good work is brushed off as simply doing their job, but this confidence booster can make a world of difference.
4. Be Flexible
Flexibility is not so much a reward as it is an element of give and take. But it is natural that you, as a leader, will be more willing to be more flexible with employees that hit their targets than those that don’t.
With the incentive of working flexible hours, employees will continue to give maximum effort and feel valued by the company in doing so.
This is another example of a benefit that the company can offer without adding additional funds to the budget. Flexible hours or early finishes are most welcome.
Employee Retention
When employees are rewarded for their hard work, they feel valued by the company and that will result in a lower turnover of staff.
Companies that have a high staff turnover quickly develop a reputation as an unpleasant place to work, which will then have a negative commercial effect.
Businesses that promote a good atmosphere tend to retain their employees, thus enjoying high productivity that yields positive results.
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How Can You Reward Employees?
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