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Additionally, it is increasingly important to invest in technological infrastructure to collect, analyze and use customer data. So, for example, you can reward your top performers with larger salaries, salary increases, and bonuses based on results. Highlight results and achievements. Highlight results and achievements.
But without balancing the need for honest, critical assessments with the need to maintain positive employee morale — and ensuring evaluations are consistent and fair — employees may resist performance management initiatives, perceiving them as punitive, overly bureaucratic, and biased.
Retention: Competitive Compensation and Benefits: Offering competitive salaries, bonuses, and benefits packages to retain top talent. EmployeeRecognition: Implementing recognition programs to acknowledge and reward employee achievements and contributions.
Understanding your employees' needs and preferences Before diving into specific rewards, it's essential to understand what motivates your workforce. Some may value financial incentives like bonuses or raises, while others might prefer opportunities for professional development or flexible work arrangements.
We’ll also highlight how the right software can make all the difference. Managers can have better conversations with their direct reports (who can focus on actual performance instead of ratings), employees don’t have to fret about their grades, and raises or bonuses can be doled out with more flexibility and nuance.
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