At a time when employee loyalty is considered as a quality that is increasingly hard to find, firms are taking extra efforts to reward and recognize people who stay with them for long.
There was a time when an employee would just be rewarded for a job well done. And organizations over time have realized that rewarding the employee and appreciating his/her work for a job well done helps boost one’s morale and helps them excel on their projects. However, with the changing times and mindset of India Inc., organizations have now realized that apart from boosting the morale of the employees, rewarding them could also help in gaining their loyalty which in turn can help in curbing the rising attrition.
Ensuring a long stay:
Once an employee enters a firm, it becomes the responsibility of the organization to make the employee comfortable and ensure their continued service. Industry experts say that loyal work force is the people who are with the firm since its initiation. These are the people who were involved in building the organization its values and culture. And they say that it is very important for the organizations to keep this workforce content. Experts say that it is no more a healthy packet that attracts an employee to a firm, healthy working atmosphere is also a key determinant.
Retention of quality talent my not be possible by providing, monetary gains alone. It is quite evident that retention of quality is possible only in organizations where there is strong focus on individual development and growth opportunities. This is perhaps the primary expectation of many individuals. They invest careers in organizations were there is significant professional value appreciation over a period of time.
Knowing the pulse of the employees, firms today lay emphasis on various things like ensuring open communication, providing learning opportunities ensuring career progression providing flexi-working hours etc. apart from compensation for employee engagement by trained managers total rewards, competency based learning rather than sporadic training programs, frequent pulse-check on employee happiness rather an annual satisfaction surveys, continuous communication rather than event based bulletins and updates etc. are the strategies.
Many firms have excellent reward and recognition policies to acknowledge the long tenure of the employee. Various rewards range from personalized gifts and gift vouchers to dinner at luxury hotels or family holiday packages depending on the experience with the firm. Experts agree that the most efficient strategy to retain quality talents in providing an environment which cares about its employees. It becomes important to strike a balance between fun and work while maintaining the competitive edge among teams. Small achievements matter a lot both to the individual and add towards the enhancement of the organization. Benefits have a great intangible value to demonstrate how caring the organization is.
Rewarding a continued experience with an organization might make job hoppers to rethink and stay long. So next time, you realize that attrition is high in your organization, reward the employee for work done, as he/she just might stay longer.
Cases of rewarding for retention of employees:
John Welch Technology Center (JFWTC) the integrated multi-disciplinary research and development center of GE gives away GE service awards to all the employees who complete 3 years, 5 years and 15 years of service. The event is made very special for the employees and their family. A personal invitation from the MD is sent to the employee and spouse along with personalized gifts to invite them for a silver dinner. For employees who have completed more than 10 years of service, a special limousine service is organized to take them for the dinner.
At Mphasis, the team leader acknowledges the contribution of an employee during the town hall meeting that happens every month and also rewards him/her for the work well done. They also send thank you letters to the spouses and children of the, employees thanking them for their sacrifice and time.
HCL organizes a day long event, ‘02 League’ to recognize and reward employee who have completed two consecutive years with the firm. Special and personal invitation along with a flower bouquet is delivered by the HR to the residence of the employee. The employee is acknowledged for his/her work and is given trophies and certificates of appreciation by the senior management. They also have a dedicated site that features the efforts of these members along with their photographs.