It’s a delicate balance to strike: Companies want to attract the best and brightest talent, building the strongest team possible, but the economy might have other ideas when it comes to methods for bringing those candidates in and retaining your current employees. By January, your operating budget for 2024 should be established, giving you a framework in which to operate when it comes to offering compensation packages to new hires and retention bonuses or raises to your existing team.
There’s another way: There are some low-cost incentives that can go a long way toward making new candidates eager to join your team while encouraging existing employees to stay under your roof!
Consider these options:
- Offer a profit-interest program. Similar to other stock options or profit sharing programs, this gives your employees the promise of monetary gains when your company experiences higher profits. They’re investing in your company with their labor and being rewarded with cash when their hard work means higher profits.
- Create a rewards program for smaller achievements. Maybe your company isn’t one with lofty goals but you do have regular deadlines and benchmarks that need to be met. The best way to keep your team motivated to roll along consistently and keep production up is to create a recognition program in which people are rewarded for doing their jobs. Find a way to highlight people who work hard and show dedication to their job as a way to show the team their work is appreciated. Understand as well that not everyone will be motivated by the same things: Can you offer the option of earning an extra, free day off if a project is completed early and under budget, for example?
- Get everyone involved. In a lot of companies, the only employees who are eligible for rewards or recognition are those in higher-up positions. Break down that barrier by offering incentives and rewards to people at all stages of their career and throughout all levels of your company. Giving everyone, really everyone, the chance to be rewarded for their work can be a great morale booster and can help make your company look very appealing to potential candidates considering joining your team.
- Incentivize efficiency. If you feel like things are dragging and people are losing their focus, or have fallen into old habits without trying to find new ways of doing things, it’s time to get creative. Establish a system whereby people who find ways of being efficient and boosting productivity without cutting corners or sacrificing quality can be rewarded, whether that’s through gift cards, bonuses, extra time off, etc. Rewarding creative thinking that benefits everyone is a win-win!
- Establish personal and team goals. It can be hard for someone to get excited about working towards a goal if they don’t feel personally invested. But setting personal goals for each member of your team, asking them to meet specific benchmarks to help build your company’s success, can be incredibly motivating. Tying rewards to personal production and effort means one person’s work will lead to recognition and gain and that’s an easy way to keep people engaged in their work.
Not every person wants the same rewards; not every incentive will motivate your employees to the same level. But you know your team; determine what works best for them and create systems that speak to their values and goals. This will help increase your retention rates and will also make for happier employees, the kind that are eager to tell their friends about how much they like their jobs. Word of mouth is still a very cost-effective recruitment tool!
If you need to add to your team right away, Davis Staffing can help! We’re experts in recruiting and finding talented candidates for our clients. Give us a call today and tell us what you’re looking for in a strong candidate, and we’ll go through our database and find people who are ready to get to work and have the skills you’re looking for. When you’re ready to hire, call Davis Staffing!