Look beyond salaries, if you want to retain your best hands in the business. Rewarding higher salaries is a good option but not an end-all. Higher figures are a necessity and for skills much sought after in the market, can be overtaken by competition which may get increasingly difficult for you to match every time.
Next to salary, work life balance plays an equally important role in retaining employees. What commonly goes around as “too much work, too little time”, has an infectious negative impact on employees and requires immediate corrective attention.
Overcoming limits on salaries and balanced work life, the other most important driving factor in employee retention is to treat one as an ‘asset’ to be valued and nourished and not just any one else in the fold. Companies need to make an employee feel that his or her contribution is of outmost importance to the business. Thus comes the need for reward and recognition programs for high performers.
Peer recognition goes one step ahead from regular R&R to create a more personalized working relationship. Appreciation from a colleague creates a ‘warm and friendly’ environment which increases collaboration and motivates one to grow as a team.
A respectable salary, suitable work life balance, sense of being valued and recognized are all contributors to create an engaged workforce. However, high performers who thrive on a challenges thrown at them are driven by a sense of purpose and the need to be a part of something bigger they can foresee. Inspired employees contribute to a much greater degree to the organization’s goals and objectives. By keeping employees inspired and involved in the business, offering them challenging assignments, and recognizing their valuable contributions, stands a good chance against higher-paying competitors.
People are hungry for appreciation. It’s a basic human need that drives us to excel in what we do. Businesses need to wake up to understand the need to harness this hunger for recognition in every employee in order to capture the best efforts. Back in school, teachers rewarded students with shiny star stickers which they would bring back home and proudly display. It pushed them to work hard to get more stickers.
In a recent Gallup workplace survey, employees were asked to recall who gave them their most meaningful and memorable recognition. The data revealed the most memorable recognition comes most often from an employee’s manager (28%), followed by a high-level leader or CEO (24%), the manager’s manager (12%), a customer (10%) and peers (9%). Worth mentioning, 17% cited “other” as the source of their most memorable recognition. Source: http://www.gallup.com/businessjournal/193238/employee-recognition-low-cost-high-impact.aspx
Organizations that give regular thanks to their employees far out perform those that don’t. According to Forbes magazine, modern, re-engineered recognition programs can have a huge impact on business performance. Companies that scored in the top 20% for building a “recognition-rich culture” actually had 31% lower voluntary turnover rates. Most CEO’s would pay millions of dollars to reduce voluntary turnover (this is when good people leave on their own). It turns out that a well-designed recognition program can achieve this result.
Lack of recognition equals to lack of encouragement equals to (may sound hard) non-acknowledgement of one’s very existence in the organization. Hence, it’s extremely important to boost morale and keep the momentum high by capturing the fire in their bellies! Recognition has the innate ability to create a positive energy which must be encashed by the business to multiply growth and productivity.
BRAVO gives the space and freedom to give wings to your recognition programs in a manner which will align the strengths of your employees to the values and beliefs of your business. Log on to www.bravo.spadeworx.com for further insights to BRAVO.
WHAT is that ‘something’ that inspires you every Monday morning to kick-start another week of your 9-5 life? What drives you for just another day? Is it just the paycheck? Many would agree, but most wont. Yes, salary can give you the basic comfort required to survive but what is it that motivates you to work at your work place every day? In short, what lies beyond money?
In a word, it’s the FEEL GOOD factor that propels you to work every day. It involves all the necessary attributes that every employee dreams of – a warm welcome from a colleague, a cheerful team environment, appreciation from boss, feeling of being valued for your contribution, the fact that you are not just one of them, fun events etc., and the list can go on and on.
If you look carefully, all these intrinsic parameters foster an environment where you feel engaged with your workplace, and this engagement is woven together with your colleagues as you step together with the management towards a common goal and create ripples which directly impacts business. In short, happy employees are bound to ensure happy customers. Engaged employees are the force majeure that pushes the company to cross growth targets.
The question now, is, how would you best utilize the power of social recognition to drive employee engagement? Take a look at BRAVO, where we address all your thoughts and queries on how to get the best value out of the best minds. Invest in your future. Look beyond money.
Anthony Jay Robbins, the motivational coach designs programs that help people overcome their limits and beliefs which curtail their progress to become a stronger, more resourceful and a more powerful person. It’s an important lesson for individuals both in their professional and personal lives to actually look within to find the will to win, to overcome road blocks and be successful in their endeavors.
But how does an organization transform itself from the tortoise to the tiger? The answer lies in inward thinking: Investing in people who are the lungs of the business, who have the zeal and the drive towards personal growth. Align their requirements with your business goals. A perfect match. It’s the people who work for you with all their heart makes all the difference in your balance sheet. Period.
Inspired employees has the power to lift an entire organization to new heights with what outwardly appear to be simple gestures of appreciation. A simple smile, a handshake with a simultaneous “great job on the project”, a moment to stop by someone’s cubicle and ask how their son’s doing, all propel people to continue to charge the hill. The lack of human touch or an acknowledgement can set an irreversible downward trend.
Such is the power of social recognition. A simple employee recognition tool can turn the tables for you. It brings in the much needed oxygen to the floor that motivates people to collaborate and create a win-win workplace. Being appreciated for the good work as against being taken for granted boosts morale and self-esteem. Empowers him to do better and better at his otherwise mundane job. This is where BRAVO can help in organizational setting. Check out www.bravo.spadeworx.com to know more.