Many businesspersons believe that money is the ultimate incentive for retaining their team members or employees; nothing could be further from the truth. Money is certainly a strong motive, and many make their decision based on the level of compensation.
Many businesspersons believe that money is the ultimate incentive for retaining their team members or employees; nothing could be further from the truth. Money is certainly a strong motive, and many make their decision based on the level of compensation. However, there is something additional that people seek at their workplace. They seek recognition, gratitude, and self-esteem. There are many cases where a bitter departure of an employee from a place where they worked for years, could have been avoided by a simple “thank you” or appreciation, from the immediate supervisor, higher management, or the owner.
Thanking others for what they contribute to our lives is a great way to build value for yourself and for your business. Just as, we rarely forget to say thank you to our customers and clients, (as we know that they may have many choices, but they are choosing our business for the products and services they need) is the same way employees also have many options to find work or opportunities elsewhere. The employers must understand that when an employee quits or resigns, they are firing the employer from their position and ending its privilege of providing the opportunity of employment.
Looking at this matter from a unique viewpoint clarifies the feeling of rejection that employers often feel when an employee leaves. Retaining good employees remains a challenge for not only small businesses but large corporations that affect their growth and sustaining the quality of products and services they offer. A periodic review of employee efforts and contributions to the bottom line of the business, profits or survival shall be adequately recognized, equitably incentivized and graciously highlighted. These efforts will go a long way not only retaining the employees but also keeping their morale high and continue to add irreplaceable value to your business.