As most managers are aware, the job market is tough right now.  Between the “Great Resignation” brought on by the pandemic and the huge surge in hiring going on right now, employees have their choice of jobs.

Given that, and the high cost of finding and training new people, smart managers are focused on employee retention as a way to get around those costs.  The question is, how?  Most managers reflexively start scouring their budgets to see if they can squeeze out a raise of some kind in order to keep their existing Star Performers happy, and while that can work, there are other, better, more efficient and effective approaches.

For instance, studies have shown that the main reason employees “leave for greener pastures” is the fact that they just don’t feel appreciated in the job they’re in.  Worse, a majority of those employees say that there are few, if any opportunities for advancements unless they job hop.

In light of those things, it’s easy to see why so many employees are leaving their current positions, and it presents you, as manager or business owner, with a daunting challenge.

The first, best thing you can do to meet that challenge head on is to start an Employee Recognition Program if you don’t already have one.  They’re not difficult to set up, and in fact, the best ones tend to be driven and mostly run by the employees themselves.

In fact, if one of your star performers is frustrated by the relative lack of promotion opportunities at your company, offering to let them manage the employee recognition program can be a great way to give that employee practical, hands-on managerial experience that could be the first step on the path toward a promotion.

Even if you don’t go that route, simply recognizing your star performers via your recognition program can go a long way toward prompting them to stay.

Bear in mind too, that the gifts you hand out to your most deserving employees to show your appreciation don’t have to be extravagant, though they certainly can be.

If you want, you can opt for something purely practical, like this:

The “Make it Happen” gift set is designed for the busy, on the go employee.  While it’s sure to be useful, it’s not really a very fun gift option.  For that, you could try something like this:

Which will be especially appreciated by anyone who loves puzzles and brain teasers.

Only you know what gift ideas would work best and be truly meaningful to your employees, so it pays to spend some time browsing through our complete, extensive product catalog to find the perfect gift for each of your employees.

The bottom line is that recognition programs work, and are a key component of a broader, overarching strategy designed to maximize employee retention.  If you can do that, you minimize your costs, which should lead to an improved bottom line, to say nothing of the fact that you recoup all the time and frustration you would have spent looking for new talent.

The post Employee Retention – Why This is The Right Way to Keep Your Star Performers appeared first on Successories Blog.