We love our top employees and want to keep them happy … which translates to them wanting to stay. But what happens when you know you should promote that person but just don’t have the salary bump to match it? Consider offering more benefits, which many employees consider more important than money anyway.
Savvy employers understand that, particularly with the millennial generation of workers, flexible scheduling can go a long way toward employee satisfaction, particularly when it comes to attempting a work-life balance. Offering flexibility with scheduling to those who have shown themselves as dedicated employees means you appreciate their contributions and sometimes it helps to work nontraditional hours. Plus studies have found this means when an employee is “on the clock,” he’s more focused on getting his work done rather than worrying about missing something (an appointment, a child’s soccer game, etc.) and actually works more effectively.
High-profile project work.
Sometimes a new opportunity makes up for a lack of promotion…it could be considered a sort of mini-promotion instead, giving an employee the opportunity to work on a major project where they can use their talents and really shine. This keeps them interested by taking them out of the day-to-day work they usually do, and it may pay off down the road in a lateral move and a new title recognizing their efforts if you simply don’t have the capital yet for a financial promotion.
Pay for a perk.
Offering to pay for something such as a gym membership or an extra paid day off such as a birthday or a once-a-month long weekend can really improve employee morale and act as a benefit that keeps on giving, much like a promotion would. By paying for these sorts of benefits, you’re helping improve employees’ quality of life, something that rebounds into the workplace with happier, energized staff. If you can swing it, paying for something such as a one-time getaway or upgraded equipment helps employees feel valued as well.
Sometimes promotions simply can’t happen due to finances, but get creative to see how you can keep your best employees happy and committed. For help with streamlining your business needs, visit PrideStaff.