Incentives = Retention
The start of a new year provides employers with a fantastic opportunity to evaluate what is important to them as an organization. A common priority that is universal across various industries are productive and loyal employees. Without efficient employees, you aren’t likely to see the levels of profit and productivity that your organization strives to achieve. So how do you ensure low turnover and long-term employees?
Benefits. Now we aren’t talking about diamond-tier health care packages, or retirement programs that will ensure early retirement. While these benefits with a monetary focus are certainly important, employees are increasingly seeking work-life balance in their jobs which is a perk that can be surprisingly simple to implement and mutually beneficial.
Depending on what you can budget, there are countless benefits that you can offer your employees to help ensure loyalty, longevity, and productivity:
- Telecommuting and Flexible Schedules – A perk that is becoming more and more desired, particularly with younger generations in the workforce, the option to be a remote employee is something that doesn’t really cost your organization much on the backend, but can result in high levels of engagement and morale.
- Autonomy in Work and Recognition – Providing your employees with more independence in their work lets them know that you trust them to get the job done. When the job is not only completed, but done well on their end, sufficient praise and recognition does a lot to increase motivation and encourage continued efforts.
- Opportunities for Growth – When employees are engaged and committed, they always want to do their best to contribute to not only their individual position, but to the success of the organization as a whole. To keep that desire for continued commitment going strong, work with your employees to develop a plan to help them grow within your organization (e.g., mentoring, e-learning, or certifications/coursework).
Taking the time to meet your employees halfway by offering various incentives to keep them motivated and engaged can help reduce expensive turnover. When you factor in the various resources necessary in recruitment, it can certainly benefit your organization to invest in the retention and growth of quality employees. Follow along this month as we discuss in more detail the above options for incentives and perks.