According to a Gallup poll, the cost of replacing an individual employee can range from one-half to two times the employee's annual salary.
Today we’re talking about why it’s important to prioritize rewarding your employees and there’s a PDF download, dm me on Instagram @stacytuschl ‘REWARD’ to get the list of 20 Ways to Reward Your Employees
I bet right now you have someone on your team who is either considering leaving or you’re thinking of replacing them. How can you make retention a priority item on your ever-growing to-do list? It’s actually because your to-do list is so long that you need to prioritize keeping your employees and motivating them to perform at their best.
3 Ways to Reward Employees and Improve Retention
Frequent, meaningful conversations with employees. Gallup research also reveals that over half of employees (51%) who leave voluntarily say that in the three months before they left, neither their manager nor any other leader spoke with them about their job satisfaction or future with the organization.
1. Acknowledgment and recognition – Giving shoutouts at team meetings or leaving notes on a job well done goes a long way when it comes to team morale.
2. Opportunities for growth – You might also consider delegating more responsibility or leadership opportunities.
3. Professional development – Consider purchasing a course or educational resource to encourage your team members to continue learning and growing in their roles.
When you make keeping your team members with you a priority, you also keep Problem-solvers, Leaders, Customer-service, Morale, and Productivity which means if you lose team members and these other essential aspects of your business, you risk adding more to your to-do list. Remember to dm me on IG @stacytuschl ‘REWARD’ for the PDF 20 Ways to Reward Your Employees.
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