Casual Fridays are nice, free snacks are great, beer cards on Fridays, awesome. However, giving employees work perks that save them money and time aren't always good enough when the goal is raising employee loyalty. Here are a few unique work perks that are a great was to push your loyalty program over the top and keep your employees sticking around for the long-term.
As technology continues to advance and increase efficiency across a variety of industries, organizations continue to slow their hiring rates. Surprisingly enough, it's not always due to a slow economy or lack of growth, but simply that technological infrastructure is preventing companies from needing as many people. Additionally, for the positions employers are looking to fill, there is often a skills gap between the candidates available and what the employer is looking for. So even for the limited positions available, employers can't find qualified replacements for their departing staff. The solution? Employee retention, invest in people so they stick around. A recent study from Ken Esch and PwC Private Company Services notes that 20% of employers surveyed feel pressure to raise salaries, partially to retain employees. 56% of employers indicated that hiring remains a priority for the company, given the skills gap and the increased difficulty to fill positions with the level of talent and skill set required. However, most compelling is that a whopping 84% of employers surveyed are making substantial workforce investments, ranging from training programs, to talent retention benefits like workplace rewards programs. Workforce investments that recognize employee effort, motivation and increased production are great ways to increase employee retention. Using small denomination gift cards to retailers like Subway, Crutchfield or even Xbox Live are effective ways to reward employees, with trophy value that creates a lasting impression. For more information on the skill gap and workforce investment head over to Forbes here.
Employee perks are a great way to provide non-cash rewards and incentives to your employees. Providing a little something extra to employees beyond their workload helps build team dynamics and create a positive company culture. Here are four employee perks that won't touch your budget but will go a long way in building your team.
According to recent studies in the U.K., employees would rather be recognized for their professional accomplishments and have a solid benefits package then get paid a higher wage. Is it possible that our neighbors across the pond are on to something we can apply here? We can all agree that it feels great to get recognized by your boss for a job well done, almost more than getting that paycheck we all expect twice a month, however, could it be true that we might all pass up a raise for some good old fashion employee recognition. These numbers seem to indicate that if Americans are anything like Brits, we would:
Employee recognition is a tricky business. Employees all have personal recognition needs. Some are extroverted and appreciate public recognition, some are introverted and would be mortified to be recognized in front of peers. Some are instantly loyal and motivated to the organizational goals, others take longer to build loyalty to the organization. Some employees like gamification, and enjoy the playful nature of that type of recognition, while others don't enjoy the distraction. In the following infographic you will find 5 myths of employee recognition that can apply to all employees. Make sure your employee recognition program is what your employees need to stay motivated and at the peak of productivity.
