A few weeks ago, this blog addressed the current economic situation in terms of what is known as an employers’ market. This week’s blog will explore ways to help you keep your employees more satisfied and motivated, so that when the economy takes off in the right direction, you’ll be able to retain the company’s talent. If your employees are sticking around simply because there’s not much else out there, chances are that they’ll be gone as soon as the right opportunity presents itself. It’s up to you as a leader/manager to help make your company a worthwhile experience for your employees.
If your company is like so many others right now where raises and bonuses have been eliminated, you’ll have to get creative finding ways to reward and recognize employees. Talk with your people and find out what else would inspire them, and remember that answers will differ from person to person. While for some the ability to telecommute, or a more flexible work schedule may be quite valuable, others may find new projects, new responsibilities, or new opportunities what matters most. Keep in mind that for some people being recognized for their efforts and work well done can be as important as a raise. Consider that something as simple as a restaurant gift card or tickets to a show or a sporting event will cost the company considerably less than a raise or a bonus, but it will convey the message of your appreciation.
Find ways to tell your employees that while these new benefits may be all that you can do right now, you still want to express your gratitude for their talents and hard work. Again, the key is to find out what’s important to your employees and do your best to offer that to them. Help them see the value of the new and/or more creative benefits – whether it’s convenience, a learning experience, or a way to relax for an evening, every little benefit counts. Get creative and find affordable ways to keep your talent by inspiring loyalty within your employees.
