Each week there’s a new holiday that Twitter, Facebook and Snapchat celebrate. For example, this Tuesday, Twitter celebrated #NationalGrilledCheeseDay. While we’re not suggesting that you and your team observe each “Twitter holiday,” are you celebrating with your team when you get a win, meet a goal or exceed expectations?
You might not think that bringing in lunch once a quarter to say thank you to your team really makes much of an impact, but in this job market that the New York Times called “The Job Market We’ve Been Hoping for All These Years,” celebrating your employees needs to get on your agenda for 2016.
The unemployment rate in Minnesota has been hovering under four percent for the last two quarters. What does that mean for you as an employer? The US is considered to be at full employment at about five percent according to economists cited in this Fortune magazine article, and with Minnesota’s unemployment rate at more than a percentage point less than “full employment,” it’s likely going to be a little more difficult to replace an employee in 2016 than in year’s past. As an employer, that means you’re going to have to tap into the passive candidate pool.
Passive candidates are people that are currently employed, and they are not actively seeking a new position. This means they are likely not scanning job boards that you’re open jobs are listed on, and are focused on doing the job they have, raising their families, and working toward the promotion they could get at their current company. While it’s not impossible to get a passive candidate interested in your opportunity, it generally takes a bigger effort to connect with passive candidates, and a more attractive opportunity to get them to leave.
Celebrating victories with your team is one way to prevent your team from turning into active candidates, proactively seeking new opportunities. Below are ten, fairly inexpensive (especially when you look at your cost of hiring and onboarding a new employee) ways to celebrate victories with your team:
- Take them out to lunch or have lunch brought in.
Pizza and sandwiches might not seem like the key to getting your best talent to stay, but it’s the thought that counts. It’s an obvious gesture to show your team that you understand that they’re working hard, and you appreciate it.
- Give them a half day.
After a particularly good quarter, or a high profile project gets rave reviews from management, tell them they can pick a Friday next quarter to take the afternoon off. It will likely help make up for the extra hours they put in over the previous quarter!
- Cash is king.
Envelopes of cash are never refused and always appreciated!
- Travel perks: upgrade or bring a friend.
If your team has to travel to unglamourous places, or has to travel more during a particular stretch, make it easier on them to be away from home. Offer to upgrade them on a couple of trips or allow them to fly coach and take a friend for the difference of the price of the more expensive ticket.
- Free parking/ Reserved Parking.
If you don’t have an employee of the month program, that’s something you might want to consider for 2016. One of the most beloved perks that historically goes with “employee of the month” is a reserved parking spot, or free parking for the month.
- Education/ Continuing education reimbursement.
Is there an industry conference that your team has always wanted to attend? Take them this year! Or are they individually pursuing higher education or professional credentials? Allocate part of your budget to fund those pursuits.
- Summer hours.
This one is key in Minnesota. Leaving early on Fridays during Minnesota summers is a huge perk. Lots of employees are willing to work long after 5pm during the dark, cold winters, but when summer finally shows up, the more time they can spend outside, the happier they are!
- Casual Fridays.
Many employers already loosen the dress code for Fridays, but if you’re still asking your employees to show up in business professional attire every Friday, this could be a fairly easy (and appreciated) perk to institute.
- Mani/ Pedi’s or Massages.
Have a manicurist or masseuse come in for a Friday during the quarter and encourage each employee to get a manicure, pedicure or massage. It’s better than a gift certificate because your employees don’t have to find time to go and use it! A half hour or hour of encouraged relaxation is coming to them!
- Field Trip.
Is there a new restaurant open in the neighborhood, or is there a new attraction in town that your team has been dying to get a peek at? Set a day and take a field trip. It might seem impossible to get your team to agree on a location or activity, but once you ask, you might be surprised how similar your team’s interests are!
You don’t have to have something fun and exciting planned every week or every quarter, however, you should take the time to celebrate when your team truly does something fantastic. While you don’t have to praise every small victory, it’s important that you do what you can with whatever your budget allows to show your team that they are integral to your success, and you appreciate them. If the thought of having to be a “cruise director” planning team outings gets you down, just think about how unhappy you’ll be if you’re having to spend next quarter constantly interviewing because your team is leaving you one by one.
Don’t underestimate the value of a nice gesture when it comes to your employees. Show your team that they matter, and they’ll not only stay, they’ll work hard and refer you and your company to their friends who are turning into active candidates.