How wonderful it feels when employers understand and take the initiative to make their employees happy! In an era where the money is not just a currency but a mode of survival, quantitative rewards in an organization have a great impact on employee engagement, retention and satisfaction. Recently, the Chinese telecom giant, Huawei Technologies has announced to give out 2 billion Yuan (286 million dollars) as cash rewards to its worldwide staff. It will also double the pay of all its 190,000 global employees this month.
After the U.S. had banned any trade or business with the company in May on suspicious grounds of its susceptibility to data theft and it’s working with the Chinese government, Huawei has been having a hard time sourcing the required hardware and parts which were previously imported from the U.S.
While given the circumstances, the initiative may seem desperate but to come to think of it, how many companies actually take such a generous strategy? A lot of the organizations both big and small undergo tough times and crisis, but very few take the initiative of retaining their employees in such fashion, very few understand the importance of manpower although all entrepreneurs are aware of it.
With the current job market offering steep competition, it will be a nightmare for employers and recruitment managers to lose potential talent from their company. Apart from a sound and flexible work culture, environment, and process, the main attractions for employees are the remuneration and benefits offered. Money does speak!
Understanding this common and age-old psyche of the workforce, Huawei Technologies has adopted an appropriate strategy. The monetary reward is not just extra income but a token of recognition (another significant tool to engage and retain employees) for the hard work they have put in to forge company growth even during a hard time.
Recognition for the hard work delivered followed by a reward that potentially augments a person’s living standards does not only ensure employee satisfaction but also has a transformative impact on how employees perceive their employer.
It is because being an entrepreneur may be your choice but it is your people who make you a leader. So, skip the baddie, be a good boss and play fair.