How Small Business Can Reward and Recognize Top Talent

There are a variety of ways to influence and motivate employees. To keep top talent engaged in the organization, small business owners should consider employee needs in at least three significant areas:

Compensation---when you talk about compensation plans, you definitely need a reward system. Compensation is one of those fundamentals, the “blocking and tackling” that helps keep businesses competitive.Let’s say that a candidate is sitting across the table from a hiring manager. Based on the conversation, the candidate likes where the organization is going and the vision it holds. The candidate likes what they are doing, and it sounds like an exciting opportunity. As understood, the candidate likes everything about the job, but there is always that one other factor: How much does it pay? 

While it may not be the number one factor, there was a time in my life, when it was all about the salary.  How much will I get paid?  That factor would have been the primary driver in determining which position I take, which job I will actually commit to. As some people mature over the years, I really find that the pay isn’t as quite as important as it once was.  While it is definitely a factor---we all have obligations and we have things we like to do---that money thing is usually a consideration.  

Company Culture---in addition to compensation, there needs to be something beyond showing up and getting a paycheck every two weeks. Many employees need a culture that is established, one where they can influence and impact the vision of the organization. In addition, employees need to understand their role in helping reach departmental or organizational goals.

They want to know how their contributions will impact the bigger picture, and they want to be rewarded and recognized through incentives. It helps to have departmental goals set and monitored, so that each employee can see what they do---and rate their progress---on a regular basis. 

Every sales organization across America really understands this concept because that is what motivates salespeople. Salespeople are recognition-motivated. They want to be on stage, so to speak. And they want to qualify for the “big incentive trip.”

Achievement Awards---it’s a little bit more difficult in some other departments; for example, a legal department. How do you motivate and give recognition to an attorney who is really not interested in that recognition. In addition to incentive plans, there are a variety of ways. At Administaff, we recognize employees through monthly achievement awards, and we have found this to be effective.

It is important to remember that giving rewards and recognizing employees aren’t just nice things to do. They are also powerful tools, as rewards and recognitions serve to reinforce those actions and behaviors that we want repeated.

To keep top talent engaged in the organization, small business owners should consider employee needs.