All businesses struggle to retain and motivate their workers. Fortunately, employee reward and recognition programs are an effective tool for engaging staff members.
Maintaining talent is a major challenge for a lot of firms in the high-tech industry. The high stakes of the sector mean that competitors are always willing to lure away a top performer with a better offer.
Google has become famous for its workplace culture. Payscale reports that the search engine titan's employees are offered a variety of perks designed to keep everyone happy. The firm knows that monetary incentives alone will not prevent its programmers from being lured away by rival businesses. To improve employee satisfaction, Google offers everything from car services to free haircuts.
"It's less about the aspiration to be No. 1 in the world, and more that we want our employees and future employees to love it here, because that's what's going to make us successful," Karen May, VP of people development at Google, told the source.
All businesses struggle to retain and motivate their workers. Fortunately, employee reward and recognition programs are an effective tool for engaging staff members. Companies with engaged workers see greater productivity and less turnover than average, and successful organizations have a high number of people who are committed to the common vision of the company.
Tips for keeping top performers
Executives need to take steps to protect their investments from high turnover. Each employee represents a lot of time and energy in training and development that the company will lose if he or she leaves. TLNT notes that failing to recognize outstanding performances is a surefire way to lose top performers.
Taking the time to acknowledge the contributions of individuals makes everyone feel valued as employees begin to understand their importance to an organization's success. Public recognition for team projects also encourages groups to improve their cooperation and communication, which benefits the entire company by boosting efficiency.
The source also notes that treating everyone equally or failing to hold low performers accountable will discourage top performers from trying. Companies will achieve more if everyone is working toward their full potential, and star employees should be recognized for their efforts and commitment.
A final step that businesses need to take to retain employees is to give each person a say in the running of the organization. Feedback about products, customer service initiatives, marketing promotions and more create insight that may improve results in the future.
"If you value people, and you care about them as whole people, one thing you do is give them [a] voice, and you really listen," May told Payscale.