Retaining and rewarding the best employees
Be generous with time off.
That includes salaries, of course, but also bonuses, paid time off, health benefits, retirement plans and all the other perks that can distinguish one workplace from another.
Encourage staff to bad gifts for white elephant take vacation time, and if late nights are necessary to wrap up a funny ceo gifts project, see if you can offer late arrivals or an extra day off to compensate and increase job satisfaction.
Send the employees to Dale Carnegie, Microsoft software training, business skills seminars, team building sessions or a sales class (such as Dynamics of Sales sponsored by CIC).It's every manager's nightmare: One of your best employees resigns out of the blue.Your best employees (the ones you want to keep) seek opportunities to gain skills, knowledge, and grow in their career.Nothing dashes employee enthusiasm more than a paltry raise.Fostering teamwork, when people work together, they can achieve more than they would have individually.What message is your company culture sending?
Pay for an evening out for the winner and their spouse dinner and babysitting.
So if your company doesnt take the time to recognize and reward outstanding work, you risk losing your best employees to a place that will.
We advocate proactive efforts by employers to establish a culture that builds strong relationships with their employees the kind that speak to a lengthy commitment, and perhaps even a commitment for life.
Make it a habit to thank your direct reports when they go the extra mile, whether it's with a sincere email, a gift card or an extra day off.
It must be noted that a deferred compensation plan (as well as SARs and phantom stock) creates a contingent liability for the firm, which does negatively affect agency value.
If your company is nearing 100 employees, consider hiring a human-resources director to oversee and streamline your employee structure and processes.
From the employees perspective, split-dollar can help replace needed family income that would be lost at the employees death or help pay any estate taxes.Smart managers invest in their workers' professional development and seek opportunities for them to grow.Businesses need to be a certain size before it makes financial sense.A firm that takes the time to carefully customize a total compensation package will transform individual employees into high performing, and committed employees.It is imperative for high performers to feel they actively contribute to the success of their company.Despite the current softness in the economy and the rise in the unemployment rate, the shortage of skilled insurance workers is still restraining growth for many agencies.It may seem basic, but often in small companies, employees have a wide breadth of responsibilities.Owners might often feel that they are forced to offer stock in order to entice a new producer to join the firm or to retain best free travel rewards credit card the currently employee, such as a producer with a book of business.Despite the hard economy, provide sufficient time for sick days, family vacations, new babies, etc.We recommend that agency owners do their homework before seriously considering this option.Mentors shouldn't be work supervisors, but they can offer guidance and be a sounding board for newcomers, welcoming them into the company culture.Organizations who do this not only keep their top performers, they keep morale high throughout the company.Require your managers to spend time coaching employees, helping good performers move to new positions and minimizing poor performance.
Here are some examples: Provide a day off with pay.