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Last week I had an interesting call from a long time client of ours that over the years has really become a close friend. She originally asked me if I could help her with a branded incentive that she usually would do in house but she just couldn’t put any more responsibilities on her ad team - or what was left of it. As usual, our conversation drifted off to family matters and the perils of running a business. While we talked, we both began to realize that this year we should probably be taking a closer look at how we reward our employees during the holidays than we have in past years.
Like many companies over the last 18 to 24 months, my friend had to make some difficult staffing and pay cuts but that didn’t mean that the work load was cut equally so most of her remaining employees were taking on additional responsibilities while sometimes earning less. At the same time she had to be far more aggressive at marketing her company and the way that companies market themselves today is very different than before the recession started so many of her staff were being forced to learn new skills and perfect them quickly to get the desired results. She could see the strain on them but she also felt a renewed dedication like she hadn’t seen in a very long time. It was clear that her staff was very glad to still have their jobs and was willing to go above and beyond what had been required during the “Good Times” to keep them.
While business indicators are telling us that we may be through the worst of the recession, we aren’t out of the woods just yet. It’s a little too soon to start giving out raises and going on a hiring binge. But still, you can’t (or at least you shouldn’t) ignore those people who have stayed with you and hunkered down to help pull you through. Sure, you could say they should be happy to have a job at all, and that’s true, but what about next year? What happens when companies do start hiring again? Do want your valuable employees looking or leaving because they don’t feel appreciated? As my friend said to me, “You know, I can’t afford to lose one person from my team right now but, what scares me more, I can’t imagine trying to find a replacement that can do all the things they can now do. I’d probably have to hire 3 people to get the skills of just one!”
Employee Rewards are always popular when times are good. I’ve put together some great travel packages for employers who wanted to reward key employees and every year we sell 1000’s of our Turkey or Ham certificates that companies give out to their employees as Thanksgiving for a job well done. I know that the companies who make it a policy to reward hard working employees keep doing it year after year so it must be working for them. While I see some companies scaling back a little, I am talking with many new companies this year who wouldn’t hear of it in the past. When you consider all the variables, if Employee Rewards are a good thing during the good times, they will be at least twice as good this year for sure.
What is really exciting is that there are some great deals out there to be had. In my part of the rewards business, I can purchase luxury condo accommodations all around the world for almost half what they were just a few years ago. I keep apprised of other incentives available and I know of one company that we are working with that has a warehouse full of electronics and jewelry items that were surplus goods from other promotions and they are offering them in a Gift Certificate that you can purchase for your employees for just pennies on the dollar. If you’re not at least looking into an employee rewards program this year you are missing out on a great opportunity to shore up your team at a price that will probably not be possible in years to come.
Tags: appreciation, bonuses, branding, cut backs, employee rewards, incentives, lay offs, raisies, recession, travel packages
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