Those in charge of managing a team of employees need to have their finger on the pulse of the team’s achievement and productivity. They also need to ensure deadlines are met and tasks are accomplished in the proper manner.
After all, nothing kills employee productivity more than losing new hires over and over again. However, there are things you can do to incentivize great employees to work hard and stay on with you longer. Here are three strategies you can start implementing today:
1. Provide Health Benefits
In order for employees to stay on with your company, they should first demonstrate they have reached certain attainments in their job performance. Otherwise, they’re not contributing to the company. On the other hand, those who are aligned with making the company more profitable and who have shown an interest to stay with the company should be awarded healthcare coverage. Coverage is highly sought after by employees today. If you don’t offer it to your full-time employees who have earned their positions, then you likely aren’t securing their retention, and they’ll keep themselves open to other employers who are offering healthcare.
2. Offer a Bonus Program Based on Performance Metrics
You can save money and improve employee performance by paying out bonuses to higher performing employees, instead of simply raising employee baseline pay. Plus, a bonus feels like more of a reward. It can go a long way as an incentive for employees to reach certain performance metrics or achievements for the company, because it gives them a specific financial outcome to focus on.
It could be a financial bonus like an extra $250 on your paycheck attained for meeting a weekly sales goal. Or, a gift card for a restaurant or department store. If your employees are more motivated by a day off, you can give them a day off bonus where they’re paid without having to come to work. The achievements could be weekly or monthly, but they can keep changing to challenge different employee strengths.
3. Start a President’s Club to Reward Top-Performing Employees
Do you have a President’s Club or something similar at your company? Starting a President’s Club for your employees can better encourage them to attain goals while they’re inside your company, instead of just in their career at large beyond your company. For example, you could offer annual Alaska cruise vacations for your President’s Club members, who must attain certain performance metrics for a specific period of time to earn their membership status.
Cruise vacations and other rewards like them are easy to incentivize your employees as they work. They’ll see that if they put in more work, they can be rewarded with a quality vacation they didn’t have to pay for. It’s a very universally effective incentive, as cruises are typically very customizable, with many activities to choose from.
Raising Employee Retention, Satisfaction and Productivity in One Swoop
Beyond the obvious measures you should take for employee job satisfaction, such as enhancing the office environment, providing perks now and again and so on, there are a few major things you can do that will make all the difference. As today’s millennial workforce continues to hop from job to job every 1 to 2 years, companies that can retain their employees longer can enjoy a competitive edge, with lower on-boarding overhead and higher employee productivity.
