How to Reward Top Talent When You’re on a Tight Budget?
Employee recognition and reward isn’t a fad. It is a must-have for every organization that values employee retention and engagement. Research, has shown that excellent career opportunities, rewards & recognition, and employee development are the top engagement drivers. Appreciating employees on ongoing basis for their accomplishments keeps them happy and motivated. A well-planned recognition program engages top talent, improves productivity and results in driving financial returns to a business.
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Science proves that when employees are appreciated and recognized, their brain releases oxytocin – a hormone that makes people happy and keep them connected to their work. Here are few low-cost ways that can be adopted to appreciate top performers.
Appreciate employee efforts on regular basis Design and implement an employee recognition and reward program that creates a culture of continuous employee appreciation at work. Set specific goals for each team member, and appreciate them regularly when goals are successfully accomplished. Give ‘Thank You’ notes to the exceptional contributors or announce names of the top performers during team meetings or send an appreciation card. Schedule one-on-one meeting once or twice in a month to recognize efforts of top performers in your team.
Promote employees to a challenging leadership role In a candidate-driven market, attracting and hiring top talent is expensive. Employee retention is the best thing one can do. Identify and reward top performers in each department to create great talent pipeline. As a token of appreciation, offer leadership roles to the potential successors. It may give them a sense of accountability and responsibility towards the organizational objectives. Appreciate the potential leaders for the jobs well done and discuss company strategies to show that they’re valuable for the organization.
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Provide on-the-job training opportunities Helping employees to improve their skills and expertise go a long way. Understand their strengths, weaknesses, and interests, and provide training and development opportunities for their career growth. Providing career growth opportunities is a sign of winning employees’ trust.
Offer flexibility in employee schedules When an organization is running on a low budget, offering competitive compensation can be challenging. Flexibility in work schedule can be one of the biggest rewards. If the business permits, offer work from home option flexibility in working hours.
Give peer-to-peer recognition Employee appreciation will make more sense if it is given by everyone involved in the work circle. An employee feels more valued if he/ she is recognized and rewarded by people working on different levels throughout the organization.
Write a LinkedIn recommendation for your colleague Writing a recommendation on LinkedIn is another good idea to appreciate efforts of the employees.
Give time off on special occasions Show your employees that you care. 3
Give them leaves or time off on their special occasions, including birthdays, anniversaries, etc. This will help them maintain work life balance, and build better employee-manager relationship. Though employee recognition and rewards is necessary to keep employees engaged, yet only 14% of organizations provide managers with the necessary tools to recognize employees for good work. Having an cloud based HR tool that provides continuous feedback, facilitates training opportunities, and identifies top performers can be useful. Make sure you introduce employee appreciation and recognition program in your workplace to keep top talent motivated and engaged.
Contact Information Empxtrack Inc. Hauppauge Center, 150 Motor Parkway Suite 401, Hauppauge, New York 11788 United States Phone: +1-888-840-2682 Email id marketing@empxtrack.com
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