Don't rush into making modifications to your pay program just because theeconomy softens, says Hewitt Associates' Frank Belmonte.
Particularly in down economic times, pay special attention to and rewardyour high performers. "The cost of losing them is going to far exceedthe investment you make to retain them," Belmonte says.
Be sure that company leadership supports the rewards/recognition programsand allocates resources for the programs, says Kimberly Smithson, consultantand president of the National Association for Employee Recognition.
Train managers, leaders, and supervisors on how to deliver recognition. A20-year pin in an inbox doesn't cut it, Smithson says. "Goodrecognition is timely, personal, and very specific."
Recognition and rewards have to be consistent and fairly administeredacross an organization. That's a common gripe among employees, Smithsonsays.
Workforce, June 2001, p. 111 -- SubscribeNow!