People are often a company’s greatest asset. This is especially true for small businesses that count on employees to pull their own weight
One of the key points the author mentioned in this blog article deserves special praise:
"You also want to reward your employees. Recognition of good performance is essential to a healthy workplace; without it, your business could face retention issues. “Employee turnover can be costly; avoid this issue by providing a unique system of rewards for your best employees,” Huhman says. Rewards don’t always have to be expensive. It can be simple recognition: a thank-you note, an email, a public acknowledgment, a day off, or a gift certificate to a restaurant, etc."
In the hundreds of workshops, keynotes, and talks I give annually, I am always astounded at the small number of companies that have a structured systematic and rigorous process around non-monetary rewards and recognition.
Study after study has proven the importance of implementing these programs to improve employee satisfaction.
Now that the job market is coming back (more opportunities for your subordinates to seek greener pastures), and employee satisfaction is hovering near depression era historical low points, turnover is about to explode in most companies. Now more than ever, you should be RACING to implement these programs.
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