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Money is not the only way you can reward and encourage your employees. This article will show you some practical ways to foster loyalty and incentivize your staff.
Let’s face it – a good salary is usually a good way to attract staff. However, when trying to retain and motivate the best employees cash is not always king. Bonuses have their uses but remember monetary compensation can be costly for the company and once spent by the employee it is soon forgotten. We have put together some ideas for you on how you can reward your staff in a way that does not cost a fortune or a whole lot of time but can go a long way to make your employees feel good about the company they work for.
Recognition and Praise
While we may be well aware we are doing a good job, there are very few of us who doesn’t like being told so. In fact most of us want our efforts to be recognised. So when your employees are doing a good job – TELL them. Don’t wait until their next appraisal – do it on the spot and openly, so their colleagues can hear.
This is obviously linked to the point above but it deserves it’s own mention. Praise from a senior executive in the company can have a very strong and positive impact on an employee. However, like all things special, use it too much and it will lose it’s ‘specialness’. So, keep for rare achievements but don’t make it too rare.
Training and Career Development
People should never stop learning and companies should embrace the inquisitive nature in people. Give your staff the opportunities to learn more and to develop their careers. After all you will benefit in the long run – you end up with staff who can do their job better and want to stay in the company because they see they have a future there.
Like executive recognition above, this deserves a special mention. Yes it is a form of training but you are now giving your time and your knowledge to an employee. This is bespoke learning and something they will never get from a prescribed course or book. But remember it is not a once-off activity, you must engage and commit your time.
Give your employees the opportunity to ‘show off’ their ability. Allow people to take on extra responsibility especially at a level above their current role. For example letting staff lead team meetings, attend conferences on behalf of their team and report back any learnings. Assign them to roles on various projects outside of their daily job. Research has shown that most people are stimulated by leadership roles and it also helps you identify future promotable employees.
As you can see rewarding your staff does not always have to carry heavy financial costs. Achievers Resource Solutions offers a number of recruitment solutions so contact us today and let’s discuss how we can help you with all your staff hiring and management needs.You can also visit our employers section for more information on the services we provide.