Perks VS Promotions

When the economy is good and employers are more concerned with employee retention than downsizing, it is easier and more lucrative for employees to change jobs. The ability to work your way up the corporate ladder is a value that many employees rank at the top of their list, certainly not everyone but many. So what does one do when you land a wonderful position with a wonderful company and there is little or no room for advancement?

When considering an employer of choice you consider the “total rewards” the company has to offer. Total rewards consist of tangibles like pay, benefits and perks and intangibles like feeling like you are making a contribution, being part of an efficient working team, being challenged and being allowed to develop your abilities.

When promotions are not feasible there are many other considerations that companies can offer their employees that could encourage retention.

  • Make people feel valued – give them a voice and listen to what they have to say.
  • Encourage contributions that are recognized and where possible developed or implemented.
  • Demonstrate that the company is an equal opportunity employer and does not tolerate favoritism.
  • Be a contributing part of the community, give employees a reason to be proud of whom they work for.
  • Make work a fun environment – celebrate team successes and birthdays; add a rubber chicken to the office.
  • Hold video conferences with the CEO.
  • Hold question and answer session with the executive team.
  • Keep employees abreast with what is going on globally or at other regional locations.
  • Hold focus groups and town hall meetings.
  • Conduct employee “stay interviews” rather than exist interviews.
  • Foster a feeling of family. When I was counseling Eaton’s employees after the stores closed, the common denominator of sadness was the loss of “the family.”
  • Ask for contributions of how to improve the environment.
  • Provide professional development courses and certifications as well as attendance at conferences.
  • Offer cross training, telecommuting, and flexible hours.
  • Allow time for creativity, brainstorming and good old fashioned thinking.
  • Offer a mentoring program.
  • Put everyone’s picture and profile on your Intranet so wherever your desk is situated you can access who you are dealing with anywhere in the company.
  • Establish an emergency fund program to assist those who experience disaster or financial hardship outside of their control, like a house fire, broken furnace or theft of vital property.
  • Celebrate monthly birthdays’ or get your birthday off work.
  • Time off in lieu of pay.
  • Child or elder care considerations.
  • Bonuses.

And the list goes on and on. Why not hold a brainstorming session in your office to see which ideas could be implemented.

If companies are to remain competitive and be in a position to hire the best people for the job, managers must be prepared to have solid, qualitative answers to why you should join their company rather than the one down the road.