2. Make it fun to stay.
Freshen-up your retention efforts with some serious fun.
Take a serious subject, like safety on the job, for example, and turn it into a fun rewards program.
For example, employees who stay accident-free on the job for a month enter into a drawing for a prize. Or, when their name is drawn, they get to drive the new pickup truck for a week. Mix up the rewards so they are different each month.
Recognize good behavior in the community, too. Smith recalls how a small company employed this strategy. Once a year at the company’s holiday party, employees who had not received a citation for speeding or other traffic violations split a pool of money.
Set a dollar amount that is appropriate for your budget. Perhaps you can put $50 or $100 per employee into the pool.
3. Perks for the family.
Add a different twist to your retention plan — throw in some perks directed at the families of your employees.
Smith shares how one small business did just that. Twice a year, the company gave a $50 savings bond to children of employees who turned in a report card with straight “A”s. Simple things, like a free movie rental for each “A” on the report card, work well, too.
Gifts following the birth of a child or graduation also fit well in retention plans. They don’t have to be lavish. Just use your imagination to come up with options that fit your budget.
You also can bolster loyalty by offering services that benefit an employee’s entire family. Smith consulted for a small business that hired a financial advisor to help employees manage their money. Employees could use the service to learn how to establish a 401(k) retirement program, save money to buy a house, or save money for their children’s college education.
Try some of these strategies today. You just might hear your employees say that the grass is still greener on this side of the fence.
In the FAST lane
Rewards and recognition can be effective tools in an employee-retention plan. Greg Smith, employee-retention consultant in Conyers, Ga., uses the acronym FAST to convey his four principles for using rewards to retain employees.
- Focus on the behavior you want to reward.
- Avoid judging. Let employees recognize their peers.
- Simple is best. Don’t make things complicated.
- Team effort. Let employees decide what forms of recognition to offer.
“401 proven ways to retain your best employees,” by Greg Smith, employee-retention consultant and CEO of Chart Your Course International in Conyers, Ga. is now available. For more information, go to: www.401ProvenWays.com or go to www.amazon.com. The price is $19.95.