How To Retain Valuable Employees

The most important asset that your company has is your employees. You can have the best product or service in the world, but if your employees are not happy, your products or services will not sell as well as they should. You should reward those employees that go that extra mile for your company. There are several ways to reward those high achievers that are committed to helping your business succeed. Listed below are a few examples.

On The Spot Bonuses
On the spot bonuses are a nice way to show that you recognize their hard work or great customer support. An on the spot bonus is a bonus that is given to an employee right on the spot for doing an outstanding job for your company. The bonus can be money, or a gift certificate to dinner, a gift, or anything else that has some sort of value.

Yearly Bonus
A yearly bonus should be given to employees who are deserving of it, as long as the company's profits allow. The most typical times that bonuses are given would be at the beginning of the year or during the holiday season towards the end of the year.

Pay Raises
Pay raises should be given once a year as profits allow. Don't just give everyone in the company a raise, unless everyone in the company is doing a great job, and putting in the extra effort that is deserving of a raise. An evaluation should be given to every employee atleast once a year. In that evaluation, be sure that you explain why they do or why they do not deserve a raise. If you do value the employee, but they are not worthy of getting a raise on this evaluation, give them a chance to earn that raise or a one time bonus in replacement of the raise. Explain what they need to change, and give them a timeframe to make those changes, so that they can receive a one time bonus for their improvement or a raise in salary to show them that they are truly valued. If no effort was made to change, do not give them the raise.

Profit Sharing
Another way of showing your employees that you value their service, is to offer profit sharing for all of your employees. This shows them that when you make more money, they also make more money. It also gives a sense of employee ownership in the company.

Thanksgiving Holiday Bonus
One bonus that is appreciated is a bonus for the Thanksgiving holiday. Give your valued employees a gift certificate to a local grocery store or other location that may be appropriate.

Paid Time Off
Another way to reward those employees that provide the best service to your company is to allow them to have extra paid time off. Let them go home early from time to time. Give them a half day off on the day before a holiday, this gives them the chance to prepare for the holiday, and shows them that you value their service.

All of these rewards will help to ensure that your employees continue to provide great service to your company, which brings in more sales and profits for your company. Just be sure that you never reward those employees that don't truly put in the extra effort. Never reward people because you feel sorry for them, or you are friends with them, or because you think that you have to be fair. This lowers the importance of the award, and takes away that special feeling of appreciation that the employee feels when they receive the award. Special awards should only be given to employees that go that extra mile, and deserve it.