If you want to enhance your employee retention, this employee retention speaker and employee retention author believes you need to share the wealth. All to often, businesses are successful and the attitude of the owners or leadership is to take bonuses for themselves and the rest of the employees are paid their regular salary or hourly wage. Then, we wonder why people are not engaged, energized and bought in to what the organization is attempting to do. The attitude is, “that’s what we pay them for.” That’s fine, if you want people acting like hourly employees who simply “put in their time” and leave at 5 o’clock. If you want them to go the extra mile, then you need to give them something to strive for.
This employee retention trainer has seen the power of bonuses, profit sharing, ESOPs and other ways of sharing the wealth create an engaged workforce that wants to stay and make things happen for the organization. You will reap the rewards as a result of their contribution.
From an employee retention perspective, if you are offering bonuses or profit sharing and other organizations aren’t it gives you a competitive advantage retaining talent. Why would someone leave when they are paid competitively and have a realistic opportunity to add 10% more pay to their bottom line? Chances are money will be negated as a factor for someone to make a move to another company. You still have to do other things right but, at one less risk factor you have when trying to combat employee turnover has been taken out of play.
Money is rarely the primary motivator for people to leave an organization. However, It is a sign that you do appreciate the contribution that someone does make. Sharing the wealth is a great way to show that appreciation in addition to other non-monetary ways. If you want to keep people, you have to Give Your Employees C.R.A.P.® and sharing the wealth is one way to show you appreciate your people.
The world has changed in the past 50 years. It is time to start thinking about how we reward our people and do some things differently. One way to do some things differently is to share the wealth. It sends a powerful message that you want to send if you want to drive employee retention in your organization.