First, some bad news. Your top performers may be getting ready to jump ship. At least that's what the results of a recent survey indicate. At the end of last year, Right Management, a career consultancy, asked more than 900 workers in North America if they planned to pursue new job opportunities as the economy improves in 2010. Sixty percent said "yes." Another 20% indicated they would be updating their resumes and attending networking events "just in case" a better opportunity comes along. Those numbers don't surprise Michelle Smith, vice president of business development for O.C. Tanner, an incentive management company. "Many workers are feeling underappreciated with their leadership right now," Smith says. "As the job market thaws, they're going to go somewhere they feel more valued."One of the main sources of workers' discontent these days, Smith contends, is the fact that their companies didn't spend as much time - or resources - focusing on employee recognition last year. "Unfortunately, too many businesses pulled back on incentivizing employees last year and now businesses are going to feel the effect of that," she says.

Now, some good news: If you retool your recognition and rewards programs now, you'll have a much better chance of keeping your best and brightest. Don't fall into the trap of continuing to do what you've always done, Smith warns. "Your business has changed in the last 18 months. Make sure you update your recognition plan accordingly."

 

Here is part one of the three-part plan that you need to consider as you retool your employee recognition programs - and get the troops recharged for 2010.

 

Recognition Re-Do #1 - New Year, New Goals
Last year, Gavin Upton's primary incentive program for his employees at a staffing firm revolved around cost-cutting. Those who came up with ways to save money got top pick from a variety of rewards, ranging from $25 gift cards to iPods, depending on the value of the savings. One customer service rep received a Bose stereo system for leading a paperless initiative that saved the company nearly $30,000. "We really cut our operations to the bone last year, so finding cost savings was a natural incentive," Upton says. Now, with expenses in check and business picking up, Upton says he's revised his recognition program, as well. "This year, we've shifted gears and are rewarding people for finding new business." Staffers who exceed their monthly goals of bringing in new leads or closing new business are now eligible for a variety of spontaneous rewards, including logoed apparel and tickets to local sporting events.

 

Watch for the part two of this retooling plan in the next newsletter!