Compensation is only one part of the equation.
Creating loyalty among your team and the drive to grow the business together requires that your employees feel rewarded on many levels, including:
- Compensation. In today’s market, it should include traditional and more innovative benefits. In fact, Glassdoor found in a 2015 Employment Confidence Survey that 29 percent of employees “would prefer new or additional benefits to a pay increase.”
- Recognition. Recognizing a person and their contributions at a staff meeting, rewarding and thanking them in front of other people, goes a long way. It also sets a precedent: this person did something creative and out of the box. This is the kind of behavior you want to encourage.
- Creative perks and benefits. Approach them as you do business development or marketing plans: look for pain points. If commuting is a huge stress factor in your city, would your employees benefit from a 30- or 60-minute adjustment in their work schedules that gave them an escape from the peak of rush hour? If parking spaces are limited, is there a way you can address that?
Most important, help your team find purpose and meaning in the work they do. The goal is to optimize your ability to attract and retain people around the vision and purpose of their roles in the organization.
Read the third in our series of Connections to Growth: Team guides, Tactics and Tech to Put Your People on Paths to Growth, to learn how creating a truly rewarding environment can drive the growth of your company.