At the height of a recession, an employee understood when their employers didn’t offer raises. Keeping the doors to the small business open was the priority and staff knew that it was the only way to survive. But the landscape has changed, and although unemployment is still hovering just below 10 percent, consumer spending is picking up. Employees are beginning to realize that business growth is picking up. They want more. But what do you do if you still can’t afford to promote your star employee?
Keeping top performing employees is essential to the success of your business.
Rather than simply turning down an employee who asks for a cost of living raise, take the time to show your valued staff member the numbers behind the company. Provide access to financial reports and help employees understand what it all means. Top performers are invested in your business and are not eager to walk out on all they’ve contributed. When they understand that your denial of their raise request has to do with financial realities, and had nothing to do with your opinion of their work they’ll be open to other options.
Offer More Benefits
Cultivate a workplace atmosphere that supports the philosophy that earning wages isn’t the only reason people come to work. Yes, we all need money to pay our bills, but sometimes creative perks can have a dramatic impact on employees.
Does your star employee have a well-behaved pooch at home? Offering a valued member of your team the chance to bring their dog to work on a daily basis, can be worth far more than money.
Can you offer Friday afternoons off? Or Monday mornings? You’ll show your appreciation by giving necessary staff mini-long weekends during the summer months.
Employee Holiday On Their Birthday
Consider offering a one-time paid vacation day off for your employee’s birthday.
Changing work hours
Allowing employees to shift their hours of employment, thereby reducing their commute time and possibly eliminating their need for after school daycare, can be invaluable to long-term employee retention.
You don’t always have to offer more money to show you appreciate your star employees. Talk to your team members and find out what they could use, aside from extra money, and see what you both can agree on.
If you’re looking for creative ways to show your appreciation, reach out to the experts at Top Notch Personnel help you develop a winning recognition program. Find out their staffing experts can help you grow your business, today.