One of the major elements that help to improve your employee retention rate is to offer bonuses to your staff. It will keep your employees happy and motivated, making them more likely to stay with you. If you make the effort to keep your employees motivated about their job, you will notice your staff will be happier and more content in their job, and less likely to seek opportunities elsewhere.
Here are a few tips for offering them bonuses from dental jobs website DentReps.
Devise a plan
Firstly, you should make a plan and decide when you will pay bonuses to the employees and under what conditions. Make sure that the employees know when they will be entitled to a bonus. In this way, there will be no confusion and no disputes regarding the reward.
Once you have made a plan and told every employee about the rules and terms for getting bonuses, make sure you don’t move the goalposts during the year by withdrawing the bonus scheme. This would leave a negative impact on the staff members, and it may mean that a similar bonus system cannot be introduced in future, as the employees will be less likely to be on board with the scheme.
Provide Equal Bonuses
Being an owner, it is your responsibility to keep all your employees happy. For this purpose, you should offer standardized bonuses for all the staff members. It will make them realize that no particular individual is being favored and all of them are equally valued.
If an employee meets their goals, complies with the rules set for a bonus, then you should pay them the promised reward. We have seen some cases where the employees were promised a performance-based bonus, and met the targets, but the business couldn’t afford to pay the bonus. Once you decide to offer a bonus, make sure you have sufficient money available to pay for it. If you don’t pay because of lack of money, some serious problems may arise. The staff may feel neglected, and they may begin to look for better job opportunities elsewhere.
Have you enacted a bonus system in your business? If so, how did you find it? Did it lead to an increase in employee retention and happier staff? Let us know!
For more information on bonuses, check out https://www.dentreps.com/blog/bonuses-to-help-motivate-staff/.