Organizations can improve employee retention significantly by implementing a few simple strategies. This can, in turn, impact on the long term growth, productivity, and success of the organization positively.
It is important for organizations to understand the traits of successful employees, so that they can identify, hire and nurture those who can perform in their jobs and contribute to the business growth.
Implementing the above strategies can help an organization rectify the tendencies of its best-performing employees to defy authority and disregard procedures without actually taking any punitive actions against them. It will also assure them of the fact that it is their behaviour that the organization has an objection to, rather than them as persons or their capabilities.
Implementing the above ideas of rewarding and recognizing top performers can help organizations enhance the engagement and motivation levels of their employees and thus get the best out of their best employees.
While salary, financial perks and benefits play a vital role in attracting top talent, their retention in the organization depends on the effectiveness of the employee rewards and recognition program to an extent – how their efforts and contribution are recognized and rewarded.
Integrating employee rewards and recognition with the HR strategy, helps organizations to achieve the objective of developing a talented and dedicated workforce committed to achieving organizational growth objectives.
The employee of the month is a recognition given to an outstanding performer. It may be in a form of gift, Gift certificate or a certificate with Thank you note. Some organizations have a wall of fame and the picture and name of the outstanding performer are put up there.