Your employees have worked hard all year, meeting goals, increasing sales, and bringing in new business. It?s time to let them know how much you appreciate their efforts. Should you hold an awards banquet, like you did last year (and the year before)? Or should you try something new?
When San Diego-based Qualcomm set about revamping its employee recognition program, the wireless technology company tried, wherever possible, to remove the HR and Finance departments from the process.
Both incentives and bonuses do have their place, says Tom McMullen of the Hay Group, but incentives can be particularly powerful in terms of productivity and staff development.
Bonuses are growing in popularity with organizations for a variety of reasons.
In this relatively slow economy, employers are not yet driven to raise salaries to meet competitive challenges, and employees are not yet likely to jump from company to company. In addition, bonuses are financially attractive to employers because the bottom line cost is flexible, varying according to performance and annual adjustments.
Employers are rediscovering the advantages of employee referral programs. Besides
producing candidates for those hard-to-fill positions now, a good ERP will help
meet growing staffing needs when the economy improves.
It's in the
best interests of any organization to expend resources on employee retention
and commitment to the organization. Unfortunately, there’s a tendency in the current economic climate for
some corporations to focus more on measuring employee performance rather than on measuring the success of employee-retention efforts.
Stew Leonard’s, operator of "the world’s largest dairy stores" in
Connecticut and New York, ranks perennially among Fortune’s 100 Best
Places to Work. But while managers knew that outsiders regarded the company as a model
workplace, they wanted to know what employees thought.
Companies will face a severe shortage of badly needed skills in this decade unless they act now to entice top-performing older employees to delay their retirements, according to a new report.
