Even when the budget is at a bare minimum, there are just some employees you will do anything to keep. They are your stars, your core, your always-there-in-a-pinch.
And they'll understand why you can't give them a raise right now, right. Maybe.
And they'll understand why you've stopped giving out gift certificates and gift cards and awards and toys, right? They'll stay through thick and thin...
Ummm... Excuse me. Is that your star employee heading out the door, résumé in hand? Yup. Guess they didn't understand after all...
A lot of employers are making the mistake of assuming two things:
1)Their star employees are 100% loyal and will understand all the cut backs
2)No one leaves a steady job in a bad economy
Both assumptions could not be further from the truth. The best will leave if they are not properly acknowledged and rewarded, and they will do it either as soon as the economy improves, or right now if a better offer comes in.
So what is an employer to do? Here's the quick and dirty answer: reward them!
What???? Spend money? Yes.
Odds are. you've reduced your workforce and your stars are carrying a heavier load. Why not give them a small percentage of the previous employees' salaries? Give them 10% and you're still saving 90% of what it used to cost!
If the money just isn't there, consider other options to let them know how much you value their expertise and hard work. For instance:
Recognition -- A thank you card, an award plaque with a small gift, a personal note from you expressing your appreciation, an announcement about a their accomplishments in the company newsletter... Let your employees know you notice what they do and that you appreciate what they do.
Fun -- Who says work has to be dull and boring? Make it fun. Start an impromptu game of catch with a squishy ball at your next team meeting. Treat everyone to a Starbucks drink, complete with whipped cream. Start a "Cartoon of the Day" e-mail. Fun creates a feeling of belonging, and that can go a long way towards improving employee morale and commitment.
Learning and growth -- Let your employees try new things, enroll them in classes that interest them, encourage new ideas and new ways of doing things. Instead of closing down and keeping to the tried-and-true, use this economic slump to start some new projects, try some innovative ways of reaching customers or experiment with new work processes and schedules. Odds are, you'll find a few things that will serve you well when the economy picks up, and you'll also be improving employee engagement.
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