01:11 If you haven’t implemented a formal employee recognition program, do so at the earliest opportunity. Such programs elevate the status of high performing employees and motivate the rest of your workforce.
01:30 You can also offer valued or high-performing employees the chance to engage in professional development. This may be something as simple as sending them to a computer class or management seminar, or paying for an online course.
01:51 Flexible work hours are another huge motivator, because they help employees address their work/life balance. Flex hours can include everything from telecommuting, where an employee works from home during specific periods, to flexible hours at the office or workplace.
02:45 Wellness efforts can encompass everything from in-office programs for exercise and weight-loss, to at-work flu shots, to subsidized memberships at a fitness facility. Depending on the type of wellness program you sponsor, the program may be subject to specific requirements under federal law, so be sure to consult with your legal counsel before implementing any such program.
03:14 The same can be said for paid sick time. Provided it is not abused, paid sick time alleviates employees’ having to choose between recuperating from an illness and getting paid. Used judiciously, paid sick time may encourage sick employees to stay home and get well, and not expose others in the workplace to sickness.
03:41 Employee assistance programs can also reduce absenteeism by helping employees manage and access resources to address a range of personal issues.
04:02 You might also think about offering your employees discount programs to help their own dollars go farther. These range from discounts on your own products and services, to formal programs at other businesses, to discounts offered via trade associations or barter networks.
04:28 Remember that a paid holiday or floating personal day off is a wonderful reward that will likely more than pay you back in increased productivity when the employee is on site.
04:38 Take a look at setting up programs that enable employees to set aside pre-tax dollars to pay for certain IRS-allowed expenses such as commuting, or to contribute to retirement accounts on a pre-tax basis.