Nowadays, reward packages at many companies look very similar. They include of course a competitive salary and in many cases a company car and smartphone, some health and pension plans and some allowances. In some cases, companies also include alternative compensation options from which employees can choose what interests them, like concert tickets, holiday trips, charity donations, music vouchers and many more.
While these common reward packages are usually appreciated by your employees, they are very similar between different companies and don't convey any long-term message or commitment from the organisation. At the same time, organisations strive to increase employee engagement and retention. So, how can the reward package be used to build a long-term relationship between the company and the employee?
The answer is not so difficult: when you give your employees the gift of attention, continuous personal growth and development, you show them that you are investing in their future. When you help people to be successful, when you show them how to advance their career, when you provide them with the opportunities to learn and grow, you provide them with a sense of belonging to the company. That is how you build that long-term relationship.
This gift of attention, continuous personal growth and development can be offered through a combination of traditional training, in-house mentoring and business coaching. While traditional training is probably already part of your rewards packages, mentoring and business coaching are seen less frequently and usually in less formalised ways. Especially business coaching is typically offered to higher management only or in selective cases, while most employees would highly benefit from this opportunity.
Business coaching will allow employees to self-reflect, learn and grow on aspects that are important to their jobs and their personal lives and personalities. This growth will then impact their productivity, engagement and loyalty, thus positively impacting the organisation in turn.
By adding business coaching to your reward package for your employees, you will be able to demonstrate that you are a truly people-centric organisation, committed to long-term relationships with your employees.
So, what are you waiting for? Will you make mentoring and business coaching a standard item in your reward package?
If you would like to find out more about business coaching and mentoring, please reach out!
I believe that all people have great intrinsic powers and potential, which are waiting to be unlocked, to the benefit of themselves, their companies and their environment. -- Birgit