A company's most valuable asset is its workforce. And managing a workforce can be one of the most challenging tasks a company faces. Keeping employees motivated, productive, and satisfied is crucial to success, but how do companies do it? Below are a few tips:

Compensation/Benefits Package

Many companies use the tried and true tactic of compensation incentives, such as raises or bonuses. Companies also offer more enriched benefits such as matching 401(k)s, health insurance, vacation days, or flexible work schedules, including telecommuting options. Rewards and benefits are excellent motivators.

Company Culture

Companies must also work hard at their company culture. Employees are happiest in positive work environments. Companies can offer activities such as happy hours, company sports teams, and corporate outings. Events like these increase camaraderie among employees, which correlates to increased productivity in the workplace. Even gestures as small as recognizing employees' birthdays can make a noticeable impact.

Rewarding Good Performance

Having a good rewards program can be very beneficial to employee satisfaction. Institute a program such as Employee of the Month. Such programs will not only increase employee satisfaction, but it will also set an example for the rest of the workforce.

Open and Honest

Increasing communication can make employees feel more comfortable when approaching bosses or managers. Being upfront and honest with employees is vital; many employees worry about their job security, which can result in unproductive and distracted work. Employees may also search for other employment or possibly leave the company for another opportunity if they are unsure about their job safety.

No matter what strategies you use, remember that the ROI is a happy workforce, and a happy workforce benefits the company. 

What are some other ways you use to keep your employees happy?