The annual total separation rate for employees in the United States was 47.2% in 2021. Your organization doesn’t need to lose half of its employees each year. Learning how to boost employee morale is key to boosting job retention.
One strategy you can use is an employee of the month program. Along with other employee incentives like benefits and health care, an employee of the month program helps entice employees to stay working for you.
So how can you make your employee of the month program the best it can be? All the answers you need can be found in this handy guide. Read on to find out how an employee of the month program can benefit your operation.
Set Criteria for Employee of the Month
Every one of your employees needs to feel like they have a shot at becoming an employee of the month. Outline the standards and conduct required to become one. If your requirements are vague, no one will want to participate.
You may even want to consider setting up a points system where employee progress is measured in a quantifiable way. That way, there will be no disputing the credibility of your employee of the month process.
Have Employee of the Month Rewards
Combining employee rewards programs with your employee of the month program is a great way to increase engagement. You should reward your employee of the month for their excellent performance.
The classic example is hanging their picture on an “employee of the month wall”. This does little for the employee. Instead, provide incentives like cash bonuses, gift cards, or additional paid days off of work.
Provide Tiers of Rewards
Someone who receives the employee of the month award more than once should be rewarded appropriately. A multi-month winner is one of your best employees. Treat them as such by tiering your reward system to reflect this.
The first tier can include things such as gift cards or company swag. The second tier can include things like an additional personal day or a long weekend. The third tier can include things like a large cash incentive.
Don’t Neglect Your Other Employees
Just because an employee doesn’t win employee of the month doesn’t mean they should be neglected. Having some other employee morale ideas to help non-winners will help keep overall employee attitudes positive.
The more employees you retain, the more eligible your business will be for Employee Retention Tax Credits. You can learn more about these by visiting https://erctoday.com/helpful-faqs/. The more you retain, the more you save!
Employee of the Month Programs Work
An employee of the month program could be the job retention tool your operation is missing. Try developing yours if you find it hard to retain employees during these challenging economic times.
Use the information in this guide to make your employee of the month program the best it can be. For other great news and information, make sure to check back with our website again soon when you get the chance!