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.