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Yet many business owners today still seem hesitant to invest in better coverage or more paidvacation hours to woo new talent. The recession created an employer’s market where employees often had to settle for “good enough” when it came to their benefits. Ten years ago, that wasn’t a problem.
Regular assessment of salaries will give you confidence in your organization and discourage employees from looking elsewhere to fulfill their basic needs. Suggested read : Financial Wellness- An Issue in Overall EmployeeWellness. A recent survey found employeerecognition was most important to 37% of employees.
Employees who feel their needs are being met through their benefits are more likely to stay engaged and committed to their organization. Enhancing employeewell-being Employee benefits contribute to the overall well-being of employees.
The employee of the month award is one of the most common methods of employeerecognition. It has become an integral part of almost every company's recognition strategy. When done right, it can motivate employees to engage more and push employee performance to the next level. Each employee is unique.
For example, Microsoft could enhance their years of service awards by offering additional paid time off to employees who have been with the company for a certain number of years. For instance, employees reaching 10 years of service could receive an extra week of paidvacation to use within the year.
In contrast, organizations that prioritize recognition and rewards experience a 31% lower voluntary turnover rate. Whether it's leading a high-impact project, mentoring junior team members, or representing the company in a key initiative, these roles can be immensely rewarding and motivating for high-performing employees.
The company also rewards its engaged employees with paid volunteer time (All U.S. employees who report at least 10 hours of volunteer work per quarter receive a $50 Good Card ), employee discounts, and paidvacations. Two great examples of rewards and recognition programs from FMCG companies 1.
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