What incentives are you using in your business to motivate and retain your staff?
Creating a positive work environment by incentivising your staff can be one of the quickest ways to increase individual productivity levels and improve your employee retention rate.
You don’t have to break the budget with large cash bonuses either, non-cash benefits can be just as effective in improving staff productivity.
Flexi-Time is an effective way to reduce stress levels and improve individual performance. Here employees can bank extra hours worked through the week to use at a later date to leave early for an event, take time to go to an appointment or start late if they have family commitments.
RDOs have served the construction industry well, where a rostered day off can be provided in exchange for extra hours worked. There is no reason why this type of benefit can’t be introduced into other business models as well.
If your business can’t have the doors closed for a full work day then consider scheduling different RDO days for different staff members. That way you can keep the business running and the employees stay motivated.
Or why not change the work hours to start late on a Monday and finish early on a Friday. These are usually unproductive hours anyway. I’m sure your staff would be happy to work a bit extra each day to make up the difference.
Reward your employees with special events if they perform well throughout the quarter. Take your staff out for dinner, finish early one day to have an afternoon of celebratory drinks or organise a golf day for the team.
Creating an enjoyable work environment will go a long way in improving your employees attitude towards your business and their job.
It will help them remain motivated even during the tough times and prevent them from seeing if the ‘grass is greener’ elsewhere.
Remember this is YOUR business, YOU have the freedom to create your incentives what ever way works best for you.
On the other hand, if you were looking to add a cash-based bonus then get in contact with us and we will work with you to make sure your bonus scheme fits in with your budget and business goals!
Cash based bonuses come in all shapes and sizes so it is important that you consider all the variables so that you can achieve the best business outcome.
These might be best thinking over with a friendly advisor at WealthTower, to make sure your cash bonus works in with your budget and helps you