Archive for November, 2011
Employee incentive programs have long been the topic of much debate in terms of their effectiveness. Determining what drives your business and what you are hoping to achieve will weigh heavily on the type of incentive or recognition program you might be considering.
As businesses struggle to find ways to keep employees happy, the emphasis on retaining talent has become more important than ever before especially if you are within the technology industry. One such company, SIB Development and Consulting offers a hefty $50,000 bonus to any full-time employee who stays with the company for five years. This is a bold move by founder and CEO Dan Schnieder throwing down the gauntlet and setting a new bar in driving employee retention. While this approach is admirable let’s face it, in these tough economic times huge cash bonuses are more of a rarity than commonplace.
Here at Resell.biz we do a blended approach of empowerment, advancement opportunity, pay increases, and recognition to motivate our employees. We provide regular training to our employees so they are well equipped to deal with complex issues and then empower them to make the best decision. Each month we do an employee of the month award that all Resell.biz employees are eligible for. Past employees have been recognized with American Express gift cards, extra PTO, or other various prizes. In addition, we hold annual company award ceremonies where we recognize top achievers throughout the company in specific areas. Recipients of these awards not only receive the accolades and support of their peers but are also eligible for various prizes. A new award we added this year is the “employee choice award” chosen by none other than employees. We are always on the lookout for new ways to recognize our employees and reward talent.
Many of our clients with Resell.biz are entrepreneurs, new start-ups, or mid-sized businesses that employ a single person or perhaps dozens. In the spirit of sharing best business practices we want to hear your input! What is your business approach to incentivize and recognize your employees?