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Review and update recognition and rewards to help retain employees

Posted by Scott Fiore on July 18, 2018

If you’re running a successful business, chances are good that 1) most of your employees are of a high quality and 2) you treat them well because you would like to keep them as long as you can.

But how often do you review your efforts to recognize and reward employees? Retaining employees takes concerted effort, and rewarding their roles in your company’s success is the best way to retain them. Your retention strategies are as important as your recruitment strategies, and some rewards are more effective in building employee loyalty and longevity.

According to the Harvard Business Review, nearly 70 percent of U.S. workers are either actively or passively on the lookout for new jobs. So, I’m not surprised that the U.S. Bureau of Labor Statistics reports that workers today remain with the same employer for just over 4 years.

Give employees good reasons to remain with your company

Losing good employees can have substantial costs – their lost productivity, time spent on finding and training their successors, and stress for remaining employees who pick up the slack.

Good employees who feel valued tend to remain with the same company for more than a few years. So, the employer must give workers good reasons to remain loyal and stay with the company.

Beyond market-competitive benefits and salary, with regular raises when possible, how else do you reward employees for work well done? Here are a few ideas:

  • Give them training opportunities to improve their skills and learn new ones.
  • Allow high performers to advance within the company.
  • Let employees share in the company’s success with profit sharing or bonuses.
  • Give more paid time off (vacation, sick, personal days) than is legally required if possible.
  • Ask for their ideas on projects and feedback on workplace culture. Engage them, and let them know their opinions matter.
  • Practice open, honest employee communications with regular status updates on company issues, projects, and news.
  • Select one or two other benefits as allowed by your work flow and budget, e.g., telecommuting, birthdays off, flex time, tuition reimbursement, or wellness and fitness benefits.

You may come up with some creative ideas of your own that require little or no expense. Keep in mind that most employees prefer additional benefits over a pay increase. This is particularly true among younger employees.

Need new high performers? Talk with our recruitment agency in Lancaster, PA

Of course, you want to keep good employees, but, despite your best efforts, you will lose some from time to time. That’s when you may want to contact us here at the TriStarr employment agency. Finding, screening, and interviewing candidates takes time, and our experienced recruiters can help you through each step of the process.

TriStarr, a Lancaster, PA recruitment and staffing agency and HR consulting firm, has more than 60 combined years of success in recruiting and administrative staffing services. Our recruiting agency stands by our Good People Guarantee. If a client isn’t pleased with a professional we have recruited, we will replace the person with another candidate at no cost or provide a refund.

If you would like assistance from professional job recruiters (“headhunters”) to find the best candidates in a tough job market, contact us online or call us at (717) 560-2111. The TriStarr recruitment employment agency serves the Lancaster, York, Harrisburg, Hershey and Reading employment markets.