Business executives, here’s the good news: the current job market means retaining employees is easier than ever. Keeping workers happy, however, isn’t always so simple. Maintaining high morale can sometimes prove difficult, as bonuses are typically the first things to go when enterprises are looking for ways to trim costs. They’re also the number one motivation tool for employees. If you want to retain your workers, don’t skimp on incentives.
Choosing which incentive to offer to employees is also a difficult task, as many employees respond to different rewards. Everything from home life and personal preferences can shape a worker’s motivations. Don’t assume your employees will be incentivised solely by cash bonuses or raises – other rewards like career development, enhanced company culture and training can work just as well.
If a traditional rewards system works best for your business, there are a couple of steps you should take before you start handing out bonuses. First, a stringent evaluation process must be implemented to assess performance of everyone on payroll. In order to determine who gets rewarded for good work, clear guidelines must be in place. This will keep things fair, balanced and objective – a key element in a functional workplace.
Next, build a clear strategy to decide how incentives will be distributed, and what kind of rewards will be used to motivate workers.
Cash bonuses, raised salaries, and even limited liability partnerships can be used to encourage workers to stay on. Less tangible, but equally valuable incentives like pension schemes, benefits, insurance, training and career development may be better for your workplace. Consider polling staff to determine which method would work best. In addition, research your competitors to see what incentives they’re offering to new recruits, senior staff and retirees. You always want to stay one step ahead of the competition to ensure your top talent doesn’t get poached.
Incentives aren’t the only way to keep workers happy, though. Communication, honesty and transparency are effective ways to keep your staff motivated, and producing top quality work. Making them feel involved in business operations will increase their commitment and satisfaction.
Finally, management should frequently ask employees for advice on how to improve. Direct feedback is the only way you’ll know precisely how to keep your workers happy and reporting for duty day after day.