Giving out raises is a very expensive way for you to make sure that your team are staying with your company. If you run a small company then you may not think that it is possible for you to give your staff raises all the time, and this is completely understandable. That being said, there are other ways that you can show your appreciation to them for their hard work.
If you want to try and engage your workforce way more and if you want to stay competitive then you need to look at the benefits that come with a good work-life balance. You need to try and do your bit to create an environment where your team feel connected to the organization, and you also need to make sure that they get the mental break they need to achieve their full potential. If you can offer them this, or if you can give them flexible time now and again, then this will work wonders for your team and it will also make them appreciate your efforts. If you want to help your team even more, then you need to make sure that you explore the idea of EAP counselling too.
Seeing the Bigger Picture
The best benefit that you can provide to your team would be the opportunity to make a difference. Try and show them what is happening within the company, tell them about their career direction and also tell them if there are any positive comments regarding their work from any people higher up in the company. You also need to try and add a benefits package for your team as well, as this will help them to really appreciate your company offerings.
Feedback and the ability to understand the concerns of your team is so important. It’s what you do afterwards though that is critical to your employee retention. You have to be transparent, and you have to make sure that you share whatever it is you have learnt over the course of the issue. You need to make sure that your team feel supported and respected at all times and you also need to help them to move forward. Transparent communication and simple acknowledgement can go a long way when it comes to your team and their general happiness.
Reward the people who have performed the highest with more vacation days. The great thing about doing this is that it won’t cost your company even more and it will encourage the rest of your team to perform like the superstars you know they are. It will also help them to know that if they put in the work, they get to spend more time with their family and friends, not less by working overtime because more jobs need to be done and they are the best fit for the job. Things like this can work wonders for your organization and it can also help you to really show your appreciation for their work.