There’s no denying that occasional, unexpected rewards from management can really lift a group’s spirits. Thoughtful gestures such as a surprise lunch together, tickets for an event that can be shared later with a spouse or a snazzy new espresso machine for the office speak louder than words for saying, “We appreciate you.”

When budgets were especially tight this past year, smart companies rewarded heavily burdened employees with bonus paid time off. Whether it was a half day, a full day, or a chance to plan for leaving early on Friday afternoon, these companies showed they really cared about taking the “mean” out of lean times.

But boosting morale in a consistent, meaningful way is a day-in, day-out way of life for businesses who want to retain valuable talent. Here are some best practices from the champions:

• Communicate honestly & clearly about where the company is headed and what management is doing to get there. Give employees a choice of ways to submit questions and give feedback to management. Conduct an employee survey to find out what their current perceptions and concerns are. Address their concerns.
• Don’t shy away from difficult conversations. Your silence leaves a void for gossip and (probably inaccurate) speculation, while your straightforward honesty builds trust and credibility. Respond to employee questions, even when you have to admit you don’t know the answer or have made a mistake that requires a course correction.  (click below to see the entire list...)

For example, survey after survey in the past few years has shown that job disengagement is on the rise, costing employers a small fortune in wasted opportunity. How much is disengagement costing your business in cold, hard-earned cash? There's a way to calculate it.

One popular but incorrect myth is that "You can't measure talent." That may be true in the art world, but talent in the business world is demonstrated in skills such as personal accountability, time management, problem solving and other highly desirable traits that can in fact be measured. If your business is still hiring candidates based only on a resume and a favorable interview personality, you may have to wait until performance results are in to be confident that you've hired someone with a high potential for becoming a superior performer.

Thanks to our friends at the LMI office in Dallas for sharing this important video!

As a business owner, I know that I will have to retire someday-no matter how much I hate thinking about it.  How will I protect my legacy, convert business value into cash, lower my tax bill and maintain family harmony?  These are important questions and, in my experience, business exit planning can help.  It involves the collaboration of organizational development experts with your advisors (e.g. legal, financial services, investment banking, tax) to help you plan and execute the sale of your business on your terms.