An all-expenses-paid trip to Hawaii. A new BMW leased for each staff member. Private concerts and parties with leading rock and roll stars. These are some of the innovative ways corporations are rewarding their staff during extremely successful years.
With the current hot job market, retaining highly skilled employees is more important than ever. Although traditional rewards and incentive programs have not lost their luster -- everyone loves a year-end bonus -- a growing number of businesses are adding new elements to the mix. Even gifts and parties are more extravagant as corporations look for ways to reward their teams during the holiday season.
What is the best way to leverage your company's holiday activities to have the most impact? Here are some ideas:
Tie special benefits to year-end. The distribution of bonuses, stock options and increased company contributions to retirement programs can be timed to coincide with the holidays.
A mid-December all-employee meeting where these benefits are announced -- followed by complementary goodies -- is a way to remind employees how much they are valued. This can be in addition to the traditional holiday party or part of it.
A holiday gathering also provides an excellent opportunity to recognize extraordinary achievements and announce special awards. Keep in mind that rewards programs based on productivity and initiative are most likely to positively impact your company's bottom line and your staff's motivation and commitment.
Define clearly the criteria for awards and make sure all employees understand them. Recognition should be based on goals that are challenging, yet attainable with hard work and dedication. For example, a Silicon Valley firm recognizes up to 30 employees each year with all-expenses-paid trips to Hawaii that are announced during the holidays. After being nominated by their peers, the winners must meet specific criteria believed to embody the best of the company's mission statement and values.
Rewards do not have to be this costly or extravagant, however. There are a number of ways you can acknowledge your staff this holiday season while helping to build loyalty and tap full employee potential. For example, if your business permits, you can offer casual dress days or more flexible schedules. Additionally, an occasional Friday off can go a long way to helping harried employees manage the hectic holiday season.
Another excellent way to create camaraderie and good will is to take on a worthy volunteer project that provides all employees the opportunity to work together to give something to -- or do something for -- those less fortunate. You can even provide company time off for volunteers.
Whatever you do, be sure to make a splash with the announcement of the winners of special awards and contributors to projects. Publicize the employees and their achievements in company newsletters and bulletin boards, and hold special recognition ceremonies.
Back to those BMWs. It really happened. A computer software firm in the Southeast United States leased 40 brand new BMWs for its 40 full-time employees -- from receptionists to computer programmers. Although the BMWs were basically recruitment and retention tools in a market where IT job candidates were scarce, such largesse -- tied to the holidays -- may represent the ultimate in employee holiday incentive programs.
-- Article courtesy of Julie Thompson, Great Plains District Public
Relations Coordinator for Robert Half International, which has more than 250
locations in North America, Europe and Australia, and offers online job
search services at
www.rhii.com.
