10 Alternatives for Rewarding and Retaining Excellent Employees

Posted: May, 7, 2014 | Categories: Job Tips | Customer Service

With the economy taking baby steps toward growth and improvement, salary-increase budgets for employers are still limited. According to the Society for Human Resources Management and research by Sibson Consulting, these budgets will rise only slightly this year, about 3 percent, continuing the now three-year-old trend. Still, employees need to feel as if they are being rewarded for their hard work and professional development each year, even if a raise is not an option.

To prevent a decrease in company morale and valuable employees looking elsewhere for validation, Forbes recently suggested 10 substitutes for salary increases. Before you start scrolling through the list, however, understand that open communication with employees is key. They need to understand the 'big picture'? of what is happening within the company, what you're hoping will happen over the next year, and most of all, that you are being honest with them and will compensate them when money is available for salary increases again.

Until that time, take a look at Forbes' list of salary-increase alternatives to offer employees:

  1. Flexibility in work hours or place (i.e., telecommuting part-time or full-time)
  2. Airline club membership for frequent travelers
  3. Dues in a professional organization
  4. Training or professional development funds
  5. New title
  6. Extra week of vacation time
  7. Plum assignment
  8. Executive visibility- access to your company's leaders one-on-one or in small groups
  9. Inclusion in a mentoring program
  10. A Roadmap that spells out the employee's goals and any financial or professional rewards for hitting them

In this competitive economy, recruiting and retaining the best employees could not be more important. If you are looking for a staffing agency to assist you in hiring the most highly qualified candidates, visit JWilliams Staffing online or call us at 866-597-8367.

By JoAnne Williams
Founder, President and CEO

Sign Up For The JWilliams Staffing Newsletters, Tips & Trends

By signing up today you will receive our blog and email updates!
You can also opt out at any time

© Copyright 2019, JWilliams Staffing. All Rights Reserved.