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How Your Business Can Reward and Retain Employees

Female Employees

A business cannot exist without its employees, and while many may come and go during your business’s lifetime, it is vital that you keep hold of those hardworking and highly valued employees. If they are making a huge difference to your business, you can’t risk them leaving. However, it is easy for employees to leave a business and move on, especially if the grass looks greener and they aren’t having a very good experience here! To stop this from happening, you need to look at what can be done to reward and retain employees.

  1. Additional Time Off

One of the first things you may wish to consider is giving additional time off. Your staff and employees deserve an extra day or two off. They need time to recharge their batteries and enjoy quality time with their loved ones. Giving an employee an extra day or two off (throughout the year) may well improve their productivity and their commitment to your business.

Top Tip: Consistency and regular reward are important. If you are attempting to reward staff on an ad-hoc basis, you will not get the best results, as they will never know what they need to do to get rewarded. Where you can, always try and implement regular rewards, and be transparent about why rewards are handed out. Try and offer consistency with what you do and what you reward. This way, all staff and team members know where they stand.

  1. Benefits and Rewards Packages

Employees dedicate a lot of their energy and time to your workplace, and when they leave at the end of the day (or week), they want to be sure they are getting the benefits and rewards they deserve. This may mean that you have to provide additional rewards and benefits packages. Or, it may mean you have to alter the existing ones you provide. Taking time to compare First Line benefits and looking at competitive solutions for employees is a crucial step to take. Benefits and reward packages can vary greatly by what is on offer and at what cost. Without direct comparisons, you may end up selecting a benefit or rewards package that is not fit for purpose. Or, perhaps, you may even select one unsuitable for your employees (as it does not give them the coverage or access they need).

  1. A Competitive Salary

Are you paying your employees a fair and competitive salary? Are you keeping up with what competitors are charging, and are you allowing employees to enjoy a good standard of living? If pay, salary, and conditions are not regularly reviewed, you will find that employees will become frustrated and begin to look elsewhere. If pay increases and progression opportunities are not something that you have focused on before, then maybe now you should. Look at how much competitors are paying their employees, and look at industry standards to establish what is fair.

Top Tip: Always look at how competitors are keeping hold of their employees. Are they providing a higher salary and benefits package than you are? Are they creating more opportunities for growth and development? Are they simply taking more time to listen to employees? Conduct a competitor analysis as regularly as you can to establish where and why competitors are successful at retaining employees.

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