In previous submissions, we have discussed our company’s vision and desire to celebrate the individual within the organization. It has remained our firm belief that a company’s growth and prosperity is a result of the efforts, sacrifices, and talents of each individual within the organization. Entering into the holiday season and the year’s end, now is the critical window of opportunity to celebrate your people and thank them for their work.
Share the Wealth
While compensation is not remotely the only way to reward the merits and hard work of your people, it remains to be the most desired. However, do not see this as an expense, see it as an opportunity to save money in the long run. Studies suggest that companies who practice time frame-oriented promotion and compensation reassessments tend to save more money than those who do not. In other words, when a company considers things such as raises or promotions towards the end of the year (coinciding with their budget plans), they tend to save money in the long run, are able to make more informed decisions, and are able to promote a more fair and consistent environment.
Have an Actual Celebration
What better way to celebrate the individual than actually holding a celebration for them? Companies that refrain from hosting holiday parties are at a severe disadvantage than those that do in regards to company morale. Yes, holding literal celebrations can invite certain liabilities to the company’s door and cause some unwanted headaches. However, with proper planning and execution most issues can be easily mitigated--and many issues stem from the consumption of alcoholic beverages.
Communicate Expectations and Status
The end of the year is also a great time to assess employees. We have always encouraged our clients to assess employees on a monthly basis and to use the end of year to briefly overview the previous twelve months. Has the employee improved in any areas? What should they work on at the start of the new year? Furthermore, now is a good time to review and release plans for the next year, calendars, policy changes, and goals.
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Michael Chiovitti, Chief Talent Strategist
Eden Resources, LLC