Faithful employees are the backbone of any company. They know how the company works. Ensuring that those faithful employees stay with your company requires a “strategic reward system” that encompasses different components. According to entrepreneur.com, companies need to have “a strategic reward system that addresses…four areas compensation, benefits, recognition, and appreciation.”
Here are a few examples of ways you can reward your faithful employees:
1.Benefits: Flexible Work
Allowing your employees to ability to work from home is beneficial to both the employee and the company. According to the Huffington Post, employees who have the ability to work from home are “more productive.” Additionally, they are “more satisfied” and are less likely to leave your company.
2. Appreciation: Breakfast with the Boss
A great way to appreciate your faithful employees is by devoting more time to them. By inviting them out to breakfast or lunch, employers can continue to build a relationship with the employee. Thus, allowing the employee to share their thoughts, plans, and personal life. F. John Reh, states that after a meal with an employee, management leaves the meeting “informed and better aware of the concerns and challenges” that their employees might have. By listening to your employees and devoting time to them, employers can show their appreciation.
3. Recognition: Promotion
You don’t need to hire new employees. Invest in the employees who have invested their time and effort in your company. According to Yahoo!, promoting from within is less expensive than hiring an outside candidate. Additionally, promoting from within allows for a seamless transition, which will help the department and company. Recognize your faithful employee’s hard work by promoting from within and save money at the same time. It’s a solution where everyone benefits.
4. Compensation: Raise
Don’t lose your faithful employees. Make sure they stay with your company by giving them a raise. The last thing you want is for those employees to “find better pay elsewhere.” Kelly Spors from American Express states that employees will find better pay if they are not compensated adequately. If your employee is a hard worker and has “invaluable skills and experience” don’t let them go. Make the effort to reward them financially so that they continue to stay faithful to your company.
By following the strategic reward plan, you can make your most faithful employees satisfied knowing that they are appreciated, thought of, recognized, and compensated.