Employee appreciation as a retention strategy
When recruiting new talent is hard work, as it is right now, hanging onto the good people you already have is super-important. You need to ensure they feel valued, satisfied, listened to and adequately rewarded. Here are some ideas to help with staff appreciation:
Keep your people growing
Your people need to feel like they’re continually improving, so offering learning and development opportunities should be part of your employee appreciation retention strategy. It’s also good for business, because it increases your knowledge and skill base. A development path is particularly important for young employees who are at the start of their career. However, if you don’t want to lose senior people, they need to keep growing too.
Ensure pay levels are up with the times
Paying your people in line with the current job market is important if you want to keep them, especially during times of high inflation and low unemployment. Sometimes you might only discover your pay levels are outdated when an employee gets a better offer, so you need to watch Seek for salary package guidance. If you belong to an industry association, you might be able to access information about rates of pay.
Give them a Boost
Money is obviously an important part of employee appreciation, but extra benefits also come in handy. Possibilities include health and life insurance, bonus leave days, free ‘flu shots, a work phone and membership to a shopping benefits scheme like Boost. Boost offers meaningful discounts from more than 40 top brands, including household insurance, gym memberships, homeware, DIY and holiday providers.
Encourage a culture of recognition and reward
A little praise goes a long way to keeping your employees happy. We all feel more confident and valued when our contributions and effort are recognised. You can even use employee appreciation/recognition software that lets your people deliver compliments to each other; these can attract points and add up to a reward. Or keep it simple with a monthly social event where excellence is acknowledged through a series of awards.
More about employee retention strategies:
Motivating employees
Employee satisfaction has a significant impact on the productivity, profitability and reputation of your organisation.
Building employee morale
When employees feel valued and happy, they genuinely care about your organisation’s success. They’re more invested in their work.
Questions?
Check out the Boost FAQ.