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It Takes More Than Pay to Keep Good Workers

2012-10-15 12:23:57

QUESTION: How can you best reward and motivate long-term employees who are

strong performers and are already receiving good salaries and bonuses?

ANSWER: Companies are finding a number of ways to expand responsiveness and

flexibility beyond traditional compensation programs to retain top employees:

Flexible schedules: Options include employees working more hours on certain

days and fewer on others, in fixed or variable schedules. Compressed work weeks

offer employees the opportunity to bundle two full weeks of full-time work into

a fixed schedule of eight or nine days. In all circumstances the programs are

structured to meet business objectives while recognizing individual needs.

Job Sharing: Two or more people splitting position responsibilities is another

way to acknowledge personal needs while bringing diversity of experience to a

singular position. Individuals sharing jobs and working part time may

potentially reduce benefit costs while retaining talent that may otherwise

choose to retire or leave the company. Factors to consider are the need to

communicate between position participants and the transferability of knowledge.

Telecommuting: Employees with high motivation, self discipline, necessary

skills and independent orientation are ideal candidates to work off site.

Loyalty and productivity may be enhanced in telecommuting situations, however

companies should have mechanisms in place to measure the success and

contributions of telecommuting workers.

Paid leave banks: A structured program that combines vacation, short-term sick

leave, personal days and emergency leave is a way to reward and motivate

employees. Although the company retains the right to grant approval for leave,

the employee can accrue more discretionary days than with some traditional

programs. The costs remain the same for the company, while participants

perceive greater control and are more likely to remain contented in the long

term.

Phased retirement: By offering a combination of pension modification and

staggered working periods a program can be structured to reduce overall

expenses, motivate and retain the employee and help meet business objectives.

Developmental opportunities and career planning: Many individuals express

frustration in performing the same responsibilities over and over. The ability

of a company to structure career planning programs, including job rotations,

skills training, and project management assignments are of interest to many

employees. Providing opportunities to learn new technologies, methods and

accomplish new achievements is significant in capturing prolonged interest from

high potential staff. Giving people the opportunity to gain exposure and

implement new programs while building self esteem and credibility is valuable

for both the company and the employee. Opportunity and recognition of

accomplishments can prove to be a much more lucrative incentive than any

financial considerations a company may offer.