by Judy Johnson, Ph.D.
April 3, 2022
Acquiring and keeping talented employees requires more than just financial compensation. Good workers want to feel valued and appreciated. The more they do, the better they work and the happier they are.
A poll by Maritz Research dug into the effects of employee recognition. They found that employees were seven times more likely to stay with a company in which they were recognized and rewarded. They were also six times more likely to invest in said company.
This is just one of many examples of the proven positive results of recognizing and rewarding your team. One of the first things you need to do to incorporate rewards into your company is to truly understand the employees. What do they value? What do they want? What do they need? Understand who your employees are.
Allow time for employees to volunteer with social causes and charities they care about during paid company time. This is something done successfully by the University of Pittsburgh Medical Center and has been received very favorably.
UKG, the developer of Quicken Loans, does this every two years for their employees.
JM Family Enterprises, a Toyota distributor, staffs health and wellness centers with doctors, nurses, and other healthcare professionals at eight of their locations. They use these to provide primary care, wellness exams, vaccines, and lab tests at little to no cost to employees.
These can mean much more than a casual “Thanks for all you do,” said everyone at a meeting. The Vice Chairman at NetApp personally calls 10-20 employees a day to thank them for doing a specific task well.
Intel offers a $50,000 tuition reimbursement to their employees. This demonstrates a commitment to employee futures and clearly makes them better and more motivated workers.
Even good jobs can be stressful. At Mayo Clinic, employees can get massages and the option to attend a “stress-free zone” that offers resources to cope with work anxieties.
No one likes all work and no play. That’s why Aflac hosts an annual 6-day appreciation week for their teams that has included: theme park visits, film showings, skating, and daily giveaways.
GoDaddy sets money aside each month and uses it to pay for fun offsite activities during work hours. They consistently celebrate their employees every month by doing such things as white water rafting, gold panning, cooking classes, and trapeze classes.
There are many other companies doing great things for their employees. What has your company tried? What have you always wished you could do? What’s stopping you?