A good way to ensure employee retention in your organization is to make sure your employees are well rewarded for their hard work. The moment they start to feel underpaid or undervalued, or that their service is not acknowledged and rewarded, they easily lose motivation and start to underperform. This, in turn, could affect your organization’s overall productivity level.
How do you ensure employees are well rewarded so they don’t feel underappreciated? The right thing to do is to set up a system for rewarding the dissertation services they have rendered in your company. How do you do it?
1. Make sure your organization has a performance expectation for each employee.
Creating a performance expectation for your employees will include discussing the different sets of goals employees are expected to meet and the ones that have been met at your organization’s employee evaluation meeting. These performance expectations will comprise employees’ responsibilities and growth, such as attending training and getting certifications, keeping in touch with clients, suggesting innovative ideas for the betterment of the organization, being actively involving in the growth and development of the organization, and completing necessary assignments on time. Carrying out these academized reviews will help you know the employees who are actively involved in the growth of your organization.
2. Identify employees who have exceeded their performance expectations with an employee survey.
It’s one thing to have a performance expectation for your employees; it’s another thing to monitor their performance and see those who have worked beyond expectations. One way to do this is to do a simple employee survey. Ask your employees to mention their co-workers who have shown exemplary behaviors and qualities that are worthy of reward. Your questions should include suggestions on packages they would like to have as rewards for their commitment to your organization. You can give employees copies of this survey by hand, e-mail, or posted on your organization’s intranet.
3. Decide on the rewards you’re offering to your employees.
After going through the survey, you’ll have a fairly solid idea of what most of your employees want as a reward. You could give this to them or decide on something else that would be of value to employees. It could be a bonus or increment, certificate of achievement or an award, promotion, banquet, or an office party (post-pandemic) to celebrate the employee’s achievement. The reward you settle on will depend on certain things, such as the dynamics of your organization, previous rewards offered, employee suggestions, company policy, etc., but it has to be something employees value and that honors their achievement.
4. Start a program for enriching your employees.
There are many programs you can introduce into the setup of your organization, such as monthly yoga classes, free art classes, or history seminars, for staff members to enjoy. You can bring local businesses around you on board to set up this program either weekly or monthly. The aim of these programs is to impact and enrich the lives of all the participants (your employees). You also could introduce other training and seminar programs for free to help employees develop further. For instance, professional essay writers might appreciate a program that helps them sharpen their writing skills. Organize these programs for your employees as a sign of appreciation for all their hard work for your organization.
After setting up a system to recognize your employees, you need a reward program to appreciate them—both at the individual and team levels. Examples of such programs include:
- Bonuses: This is a common reward program used to acknowledge individual and sometimes team accomplishments. This system is mostly used for encouraging salespeople to make more profit in sales organizations.
- Profit-sharing: In this strategy, a sum of money is paid to employees from the organization’s profit. The monies given to employees is usually a percentage of their salaries, and the sum is given at the end of the business year when a company closes its books for that year.
- Variable pay: This is also a pay-per-performance system. In this program, the salary of the employee is tied to his or her individual performance, business unit performance, and overall performance of the organization.
- Stock option: This system is becoming increasingly popular among many organizations today. With this program, employees are allowed to buy a certain amount of the company’s shares over a period of time and at a specific price.
An employee reward system is key to motivate employees to perform better at their jobs. Organizations need to identify and implement the system that works best for them and their people.