9 Tricks for Using Employee Awards to Lower Turnover Rates
Turnover rates have never been higher. Companies often fail to see why that is so. Most likely, it is because they are not rewarding employees like they should. A company that offers a fair amount of incentive is 10 times more likely to have a lower turnover rate than a company that does not. This begs one question, what are the right ways to motivate your employees? By following these 9 tips, you should be able to keep most of them happy where they’re at.
1- Offer the Right Compensation and Benefits.
Employees want to gain extra income from their hard work. They also feel more appreciated by their boss when handed the right compensation. Pay attention to what other businesses are offering their employees. Are their benefits higher than what you’re giving yours? If so, it’s no wonder your employees are leaving you. Why would they work for you when there are better employee benefits and rewards somewhere else?
2- Ditch Employee of the Month.
It is not a wise idea to pin employees against each other. Which is what employee of the month awards foster. Besides, most work done in the office is a team effort. One employee should not be singled out for what took several employees to complete.
3- Offer Adequate Feedback.
Employees want to know how they’re doing. While sometimes it is necessary to provide them with less than positive reviews, you are really boosting and rewarding someone when you have something positive to say about their work. A thank you can go a long way in producing employee happiness.
4- Offer Greater Flexibility.
To those employees who have proved their merit, offering a more flexible schedule is a great reward to them. Once an employee proves that they can be trusted, giving them the option to telecommute, or picking their own schedule, creates a better work-life balance for them.
5- Create a Betting Working Space.
An excellent reward to an employee is to have a work environment that is comfortable. This isn’t to say that you need to bring in bean-bag chairs and couches. But make sure that each employee’s office is spacious and comfortable. Ditch the cubicles that make employees feel as though they are just one more. Provide them with a nice, oak desk. A comfortable and moderately priced office chair also goes a long way in helping an employee feel appreciated.
6- Create More Advancement Opportunities.
There is no better way to reward an employee than to promote one. While you may not have enough management positions to do this for everyone, you certainly have enough to reward those that are achieving the most. Not only do employees stay at a company that offers advancement, they also work harder for that company.
7- Create a Social Environment.
A great way to reward your employees is to offer office parties when achievement is high. This also allows employees to make friends with each other. They are more likely to stay at a company when they are getting along with their coworkers.
8- Offer Free Tickets and Other Incentives.
As noted before, it’s impossible to promote everyone to upper management positions. Plus, not every worker makes a good manager. Just like how not every manager is the best worker. You can reward your team in other ways though. A great way is to offer tickets to a ball game or ballet show. This gives your higher achievers something to look forward to once their work is through.
9- Create Raffles.
People love to gamble. Create employee raffles where they will have the opportunity to win things like cash or gift cards. Make it so that each employee has a fair chance to win. When they get that gift card, they’ll want to stay at your company to see if they can win another.
These Employee Rewards Will Lower Your Turnover Rate
Utilize each one of these and you’ll notice a higher percentage of employees that are sticking with the company. They want to feel as though they as appreciated. Each of these methods is a great way to show them that they are.