When employees are at an executive level at your company, they have most likely been working there for a significant amount of time. Other employees in this category may be newer hires but are extremely competent, experienced, and talented. Regardless of why an employee is at an executive level, they are most likely very valuable and loyal to your company. Finding ways to reward these employees will help them remain satisfied at your company.
One of the most effective ways to reward employees is through annual bonuses. With annual bonus money, employees are free to choose what they want to do with the cash. This freedom is very attractive because employees know what they should or what they really want to use the extra money for. Consider using a formula to standardize how you give out bonuses instead of doing it off of bias or estimations. Using a formula to calculate annual bonuses will also ensure that you don’t give out too much than you have available.
If you want executive-level employees to feel more invested in your business, you should let them literally invest in and own parts of your business. This is made possible through equity compensation. Your business needs to be structured as a C-corp to offer equity to employees. Make sure that your business is set up this way before you start promising equity to employees.
By showing that you care about your employees’ well-being, you show that you care about them as people. Employees are more likely to be satisfied with their employers if they feel well cared for and that their needs are met. For your executive-level employees, you may consider providing better healthcare if that is within your budget. In addition to regular physical exams, you could also consider mental health care and therapy as some benefits to executive-level employees. Employees with better health are more likely to stay at their jobs and be more satisfied with their employers.
As you find ways to meaningfully reward executive-level employees at your company, you will help them see how much they are valued by and needed in your workplace. Because these employees will feel like they belong in the company, they will be less likely to look for other jobs or be dissatisfied with their position. This will help you retain long-term employees and reduce the amount of turnover you have.
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