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With budgets for year-end bonuses and raises being
tightened and even eliminated at some firms, it’s time to look for
alternative means of reward and retention. One of the most meaningful
and budget-effective ways to reward your employees is through
personal recognition and praise.
Many employers think that employees appreciate only cash
or paid time off but research proves otherwise. According to numerous
workplace surveys, feeling valued is the number one factor associated with
happiness on the job. Challenging work is a close second ahead of
factors such as work-life balance.
Awards could be given to employees who have made a
significant contribution or whom you may want to honor for length of
service. You might consider giving a small but thoughtful gift, for
example, an engraved plaque or personalized certificate during a staff
meeting or a special reception, a letter from management outlining an
employee’s contributions to the organization or perhaps a hand-written note
from one’s manager. It doesn’t matter what form of recognition is
offered, as long as the award is thoughtful and personal. It’s
important to offer awards in a consistent fashion, as poorly managed
service awards can make employees feel that they are not valued or may even
turn into a company joke.
The backbone of the nation’s most successful companies
is their loyal and motivated employees. When personnel are recognized
and feel valued, they are driven to work hard. Be sure to keep your
awards systems fresh and interesting. Aside from being a wonderful
retention tool, a structured and personalized awards system will help
reinforce desired behaviors.
Employers need not spend a fortune to make their
employees feel appreciated, but companies do need to let them know they are
appreciated. As bonus season is upon us, don’t overlook the value of
“thank you.” An employee who feels recognized and valued is priceless.
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by April Bernstein
Director
Legend Global Search
In the past several months we have witnessed an economic decline. As
a result, the level of anxiety among U.S. workers has escalated and
employees have become increasingly concerned about job security. This fear
factor can have a crippling effect on employee morale and performance.
Yet, many employers think they should not address the economic crisis with
their employees because it could cause alarm. This is misguided.
Employees crave honesty, want to be in the know and want to be part of the
solution. Engaging them in good times, but also in not-such-good times, is
what a successful team is about.
According to an article by Workforce Week, companies are
mistaken if they do not see economic stress as a bottom-line business
problem. Yet a large portion of U.S. employers have not taken steps to
address how the new economy is affecting its business.
A certain amount of tension can push workers to perform better as many
employees respond to fear by hunkering down and focusing on job
performance. However, some employees are crippled by it and begin to
perform their job in survival mode, rather than thinking creatively.
Communication Is Key
As a result, managers need to focus on reassuring employees and developing
rapport and loyalty as their company weathers the current economic storm.
Some ideas include:
- holding
"town hall" meetings where employees can voice their
concerns and be heard by management
- sending
informative and uplifting e-mails to the staff
- creating
opportunities for one-on-one conversations with supervisors and
upper-management or holding peer discussion forums where employees can
gather to discuss concerns and ideas
These techniques may alleviate some of the fear
employees bring to the workplace.
Enlist Employees to Help Find Solutions
Management often decides not to share concerns about the
economic burdens it bears. Yet, when employees are engaged in the efforts
to find solutions, they feel better about themselves and perform better as
a result.
Candor with your employees about how the company is
doing can help them to feel that they are a little more in control and that
they are a valued part of the team. This can have a positive effect on
morale and improve job performance.
Focus on emerging from this turbulent time with a
competitive advantage. Be honest and loyal to your employees, they will
return the favor.
For more advice on guiding your team through this
changing economy, please contact April Bernstein at (212) 293-8920 or april@legendglobalsearch.
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by Stuart Rosenthal
Vice President, Compliance
Legend Global Search
A December 2nd, 2008 letter issued by the SEC reminds chief
executives at registered financial services firms of their responsibility
to maintain adequate compliance programs and oversight despite the
cost-cutting measures and staff reductions being seen throughout Wall
Street.
Today, as always, compliance programs play a critical role in ensuring that
companies are operating under applicable rules and regulations and that
clients, shareholders and employees alike, are protected.
HR staff and executives at SEC-registered companies should be aware of
keeping compliance and related departments sufficiently staffed.
Legend is prepared to assist you with any direct-hire or contract staffing
needs you might have in the compliance, accounting, finance, legal and IT
areas. Please call us at (212) 293-8920 or visit us on the web at www.legendglobalsearch.com.
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