Acquiring and keeping talented employees requires more than just financial compensation. Good workers want to feel valued and appreciated. The more they do, the better they work and the happier they are.
Maritz Research conducted a poll about the effects of employees that are recognized for their efforts. They found that employees were seven times more likely to stay with a company in which they were recognized and rewarded. They were also six times more likely to invest in said company.
This is just one of many of examples of the proven positive results of recognizing and rewarding employees. One of the first things you need to do to incorporate rewards into your company is to truly understand the employees. What do they value? What do they want? What do they need? Understand who your employees are.
Here are a few examples:
Give them the chance to give
Allow time for employees to volunteer with social causes and charities they care about during paid company time. This is something done successfully by the University of Pittsburgh Medical Center and has been received very favorably.
Treat employees to the occasional free vacation
Ultimate Software, developer of Quicken Loans, does this every two years for their employees.
Show them you care about their health
JM Family Enterprises, a Toyota distributor, staffs health and wellness centers with doctors, nurses and other health care professionals at eight of their locations. They use these to provide primary care, wellness exams, vaccines and lab tests at little to no cost to employees.
Give them a meaningful personal thank you
These can mean much more than a casual “Thanks for all you do,” said to everyone at a meeting. The Vice Chairman at NetApp personally calls 10-20 employees a day to thank them for doing a specific task well.
Contribute towards advancing their education
Intel offers a $50,000 tuition reimbursement to their employees. This demonstrates a commitment to employee futures, and clearly makes them better and more motivated workers.
Tend to their mental health
Even good jobs can be stressful. At Mayo Clinic, employees can get massages and the option to attend a “stress-free zone” that offers resources to cope with work anxieties.
Show them a good time
No one likes all work and no play. That’s why Aflac hosts an annual 6-day appreciation week for their teams that has included: theme park visits, film showings, skating and daily giveaways.
Regularly show them a good time
GoDaddy sets money aside each month and uses it to pay for fun offsite activities during work hours. They consistently celebrate their employees every month by doing such things as: white water rafting, gold panning, cooking classes and trapeze classes.
There are many other companies doing great things for their employees. What has your company tried? What have you always wished you could do? What’s stopping you?
Take our online organizational assessment to help figure out what kind of workforce you have, and how to turn it into what you want it to be.