Rewards That Keep Your Employees Stay For the Longtime
Your employees are your pre-eminent assets; losing your magnificent employees is the most significant loss you could incur! Make your employees feel comfortable and pampered by rewarding them for their efforts. A survey made by the bureau of labour statistics (BLS) suggested that the attrition rate is on the increase since 2010. An employee stays in an organization for an average of 4.0 years to 4.3 years.
Thus, to ensure that your team stays close as a pack, we present to you a list of rewards that would keep your employees motivated:
- Performance-based awards:
It is a general practice to promote well-performing employees annually according to their work. In addition, you could have different categories of awards like the employee of the year, most punctual employee of the year, the best new employee of the year, and many more to further make the process more interesting.
- Monetary rewards:
Every employee contemplates financial rewards such as bonuses, increments, and a generous promotion in their allowances too. Surveys have found that 44% of the employees quit their jobs in search of a higher salary package, especially after the appraisal months. Monetary rewards are the best way to keep your employees satisfied and by extension, loyal to the company.
- Treat your employees well:
Remember to give a warm welcome to your new employees and ensure they feel comfortable. While a warm gesture towards the new entrants is maintained, you must also be grateful to the existing employees too. A small gift to express gratitude or even heartfelt thank you notes do the trick.
Regardless of the post or jo, always appreciate an employee’s contribution to the larger picture. This also means, arranging for a proper farewell ceremony for your employees to mark their retirement from the company. Around 59% of employees feel that they are not treated well by the companies, and this can be easily corrected if a leader chooses to make their employees feel valued.
Promotions and career development opportunities are among the most-cited and significant reasons why employees quit their company. Here, the promotion doesn’t just mean an upgrade in the pay but also the job roles, position in the company, and professional growth. An employer should take care of the professional needs and work-related goals of the employee so that they can focus on the organizational goals.
- Benefits package:
Employees can also be rewarded via benefits packages such as travel vouchers, shopping coupons, etc. It could also include holidays, life insurance, medical insurance, accommodation, and free pick and drop facilities. Employees could also be treated to the perks of corporate discounts at hostels or restaurants on behalf of the company.
- Success celebrations:
You should conduct frequent cultural programs to celebrate the success of your employees on target achievement. Such acknowledgment encourages employees to show their talent. Organize dinner party, get-together, outdoor employees to engage the employees within the company. This small celebration gives good vibes in the work environment.
- New responsibility:
This would require you to pay attention to every employee and assign them something challenging yet of their interest, to make sure that the burden of their responsibilities towards the organization doesn’t tire them off. Allow them to explore and learn various types of jobs. It will help to keep the employees active in the company.
- Work environment:
The best reward you could gift to your employees is a stress-free work environment. You could encourage more open communication and team activities to destress and comfort them.
With all these variants, it may get confusing and haphazard to pick out the right rewards to motivate each employee. Thus, you could make use of the innovative, organize, and super -intelligent reward solutions at Global Reward Solutions. To know more, visit website.
Make your employees feel valued for their work and presence in your company. Every dedicated employee deserves respect and recognition for their contribution to the company. The employer must encourage and mentor the employees to achieve full potential. Loyal employees should be rewarded with fair compensation to make them stay for a long time in the company.