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Benefits and Perks Culture

6 Employee Benefits That Will Improve Your Retention Rate

We have put together a list of 6 ideas that will help you improve the retention rates of your employees

Increase your employee’s Annual leave:

This may sound like a very unproductive method to increase retention rates, but do it right and it will work wonders for your organization.Increasing your employee’s annual leave may sound scary, but you don’t need to increase it by a lot.

Just adding a leave before christmas and one more holiday on their birthday can do the trick! You can also create separate holidays for parents during the vacation period of their children. You can allow them to exchange 2-3 days of leave in that time, so that they can travel with their children. These small leaves add up and allow your employees to show up recharged and rejuvenated. And a refreshed employee is naturally more productive at the workplace.

Take your employees out on food fiesta’s:

There’s a reason billion dollar organizations like google offer free daily buffet’s to their employees. They understand that quality food can improve the health of their employee. Moreover when food is provided daily, your employee has one less thing to worry about.

But spreading out a daily buffet can have a serious toll on your budget. Sometimes you might have the money to offer a buffet, somedays you may not have the money to offer a seven starter oriental style buffet lunch.

So if you can’t offer “ free food “ daily, you don’t need to do it daily.

The idea is to remain consistent with your food fiesta’s. So if you can just afford to take your employee’s out on a Friday evening – do that!

If you can afford to order takeout’s on Monday’s, Wednesday’s and Friday’s – do that.

If you can just afford to buy lunch on match days – do that!

The Core idea is to maintain food fiesta’s on a consistent basis. Create an experience your employees will look forward to and they will naturally stick within your organization.

You can offer a part of your company as shares or Bonus:

Most startups do this trick to reduce the churn rate of their organization. Jack Ma, the founder of e-commerce giant Alibaba is known for offering a part of his company to his oldest employees.

In fact, Jack ma has an assistant who stuck with him since the inception of the company. Apparently he awarded some shares to her and she is now worth in the millions of dollars.

So if you are looking to grab hold of your high employees, try talking to your senior management and offer a percentage of your organization to your employees. The percentage can depend upon their contribution and their level of seniority in the organization.

If shares don’t work for you, try offering annual bonuses for your employees regularly. Billion dollar venture – Airbnb offers frequent bonuses to its employees on an annual basis. This bonus is split from the profit it acquires every single year.

You can provide a flexible work schedule:

Ah, the holy grail of employee experience in the remote working era – Flexible work model.

You have to accept that COVID-19 has changed the way employees approach work and life. More employees are now willing to sacrifice a bit of salary for a flexible work schedule.

In a review conducted by CoSo cloud, it was found that 77% of employees preferred to work remotely. They believed that remote work allowed them to become more productive. It also helped them reduce the time and money wasted in commute hours.

Some employees also believe that a Remote work schedule allows them to spend quality time with their family on a regular basis.

And finally some people firmly believe that a flexible work schedule allows them tto focus on work effectively. They state that they can choose to work from home or travel to the office depending upon the type of work they need to complete on that specific day. 

It’s true that a flexible work schedule may not be possible for all organizations. If you honestly believe that your employees need to commute to your office to perform quality work – do it.

But if you feel that they can be offered a flexible work setup – please do go for it. If you don’t, you might end up losing your employees to your competitors who offer a flexible work schedule.

Create Employee recognition awards and prizes:

Apart from a competitive salary and healthy work environment, your employees also need recognition. They need to be recognized for the hard work they put in and it needs to be awarded. 

Here are some business organizations that offer a employee recognition award at scale

  1. Disney – they have close to 180 employee recognition awards. 
  2. Zappos – They run a gift card program that allows employees to rate their peers on teh quality of their work
  3. Groupon – it award it top performers with jackets and allows them to customize it to match their style

There is no set way to define your employee recognition awards programs. All you need to do is identify what your employees are doing on a daily basis. Find out a “ honest to god “ way to measure their contribution in every contribution they make to your organization.

NOTE: Your employees must be judged without any external factors like likeability, age, gender and race into the fold. If you believe that any of these come into play, you need to change the way you offer your recognition awards.

At the End of the Day, your awarding process must be based on transparency. If your employees see that it is not transparent, they will come to hate the whole venture of the recognition awards. That might end up counter-productive to the whole concept of the Employee Recognition awards.

Categories
Blogs Culture

5 (+1) Kick-ass Ideas to Make Your Employees Feel Appreciated

Employees are the most precious of all assets a company can have and very few organizations show care and concern and make their employees feel valued and appreciated.

While monetary compensation tends to be a top motivating factor, it’s not what all employees crave for. According to Forbes, one in three employees will quit if they feel unappreciated in their workplace. 

Employee appreciation should be an integral part of any organization’s culture. It’s an all-around attitude every manager in the company should possess. It raises morale, improves teamwork, and results in better service to your customers. When they feel more appreciated, it increases the chances of them sticking in your organization longer and they’ll always go the extra mile to do more than what’s expected of them.

So, how can you support your employees and make them feel appreciated? We have listed five ideas (plus a bonus idea) to make sure that your employees feel appreciated.

Add your employees to your company website

This may seem simple, but adding your employee’s name and photo on your website is a game-changer. It gives your employees a sense of belonging in your organization and makes them feel appreciated.

Add their pictures on your website and let them write their own bios. They will feel part of the team naturally.

Celebrate their birthdays and anniversaries

Take some time to celebrate your employees’ birthdays–your HR system will store the date of birth. You can also make this process easier by sending them automated emails. 

Find some time in everyone’s calendar and celebrate with cake. Getting them a personalized gift can also be a warm gesture to support employee appreciation. Your gift doesn’t need to be expensive, it just needs to be personalized to them.

Along with birthdays, it is also a great idea to celebrate yearly anniversaries of employees. This small move will make them feel appreciated for the time and efforts spent in the organization. 

Create a trophy system 

Trophies are something that can work like a charm in your workplace. You can get trophies for different teams and reward them to high performing team members. Set realistic KPIs and award the trophy to the person who achieves the most in that month.

This system works best when the method of awarding trophies follows a calculated and measurable approach. You need to make sure that your system is fair so that it doesn’t discriminate on any basis. Make sure everyone understands the rules of the game and the systems are transparent.

Give them the power of choice

You cannot build an honest appreciation system if your culture is not right. You need to give your employees the power of choice and a platform to voice out their opinions. You can ask the following questions to learn if you are building the right culture, where your employees enjoy working.

  • Do you listen to the ideas and opinions given by your staff members?
  • If yes, do you act on it or just plainly dismiss it?
  • Can employees choose the tasks that they want to do?
  • If yes, what is the percentage between tasks that are assigned to them and tasks that they choose to work on ?
  • Can your employees approach your management team to voice out their problems?
  • Do they take time to listen to their concerns or is it not heard upon?

Gift, trophies and awards are great ways to improve employee support and show them your appreciation. But if you don’t have the right foundational culture  to set it all up, you might as well not do it.

Allow your employees to point out the flaws and mistakes in your organization. Let them know that you are a team and you are all here to improve as one.

Encourage continuous education

The world is changing fast. The technology we use this year is becoming redundant and out of trend within the next year. Hundreds of startups spring up every year, while thousands of businesses are becoming redundant at the same time. 

You need to make sure that your employees are also well-suited to these changes in the business landscape. You can do it by allowing them to pursue different forms of education. Give them time off to attend networking sessions, online events, and educational events.

Whenever an employee upskills themselves, consider offering them a promotion or a raise in their salary. Your goals should always be to appreciate them for their willingness to learn. Show them that you always support learning and growth.

Show them that you care and they will help you build a better business and a healthy workplace.

Bonus Tip: Your appreciation doesn’t always need to be vocal

You will always have tons of people who will put their heart and soul into the organization. These are employees who make sure that all the work is done with perfection. These are the ones that go above and beyond what’s required of them to make sure the business succeeds.

Appreciate and acknowledge their efforts with small gestures. A simple “Thank You” and “Great Job” can mean a lot and make your employees feel supported and appreciated. 

Walk to their desk and let them know you appreciate them for their good work. Leave thank you notes on their desks to let them know that they’ve done a great job. Make a post in your official communication channels so that everyone in the company celebrates their coworkers.

When you have better support for your employees, they feel happy and tend to stick with your organization comparatively longer. And, when you have a solid strategy for your employees to be appreciated – you can build a better business.