Employee retention is one of the top issues that corporations face today. Keeping their employees happy and satisfied while keeping up with the competition is not an easy thing to do. Many companies and corporations form committees and departments to oversee employee retention. Their main goal is to develop employee incentives and increase employee satisfaction.
While you cannot make all the people happy all the time, companies are working hard on keeping their employees happy. When they develop employee incentives they have to know their demographics and know what means the most to them. Many times companies will use quarterly employee surveys to get a good gauge on their employee satisfaction rating and at the same time ask for suggestions for incentives that they would like to be put in place.
Some employees want incentives developed with time off with pay as the reward. Time off and money seem to be the highest listed incentives that employees list when asked for suggestions. Some want recognition for a job well done but praise and encouragement should already be a part of your management style. If it is not then it needs to be implemented.
Empower your employees to create their own employee satisfaction. Start an employee run committee to work on the issue. Let them poll their associates to come up with ideas to develop employee incentives. If they choose smaller items as the reward, these incentives can run all year and you can use different performance metrics for each one.
For example, a company might develop an employee incentive around attendance. Whoever has perfect attendance for a month gets their name put in a drawing for a gift card or a gift item like an iPod Shuffle. It is a win-win situation since the company can write off the prize as a business expense and if everyone is participating in the incentive then their attendance will increase which increases production.
Employee incentives do not have to be done company wide. Each team or department in a company can develop their own incentives. Attendance might be an issue in the call center but not in their operations department. Operations might not be getting reports and presentations done on schedule so developing an incentive program around that metric would make more sense.
Once you start doing employee incentives it is important to keep track of your satisfaction ratings. Continue to have quarterly employee satisfaction surveys to see if what you are doing is making a difference. Remember to stress that everyone is an employee of the company from the CEO to the mail clerk and each one is just as important to the company.