With contingent recruitment a costly business, more and more businesses are looking at employee incentive schemes to encourage staff members to stay. Retention is a more prudent policy and so employers are thinking more progressively about their teams.
It needn’t cost you excessively in time, money or effort. You might think this needs to be outsourced to manage the incentives but this isn’t the case. Thinking creatively, why not consider your client base? Can they provide differing incentives – discounts, friends and family offers – that would appeal your cast of loyal team members. If your customers are not inspiring, this could become a business development opportunity for you. Approach business who could reciprocate a service. Could be beneficial for all parties.
In his inaugural Autumn Statement, Philip Hammond announced a landgrab on salary sacrifice incentive schemes. From April 2017, staff will no longer be able sacrifice some of their pay for employee benefits in kind and employers and employees that use these schemes will pay the same taxes as everyone else. This would apply to gym memberships and health plans, but not low emission cars or purchasing a bike through the business.
Whatever you choose as part of your employee benefits portfolio, give it some real thought and be creative. It may seem a sound investment, but if staff are not going to use it, then its value is lost and employees may still not feel rewarded. Would you use it?
Different incentives suit different businesses
Like individuals are completely unique, so is the business you work for. Not the same incentives will suit each business. For example, some go for a healthy breakfast club, discounts at hair salons, yoga classes, massage and learning and development needs. Some go for other discounts and incentives; be inspired!
Ask the staff in your annual satisfaction survey, ask them what incentives interest them.
Why not consider Toople.com and its comprehensive range of broadband and mobile phone solutions. With our wealth of experience, we’d welcome discussing your needs and adapting a solution just for your business. It could be broadband only, mobile only or a combo of both. To discuss your needs, please call 08000 499499 (option 1). With broadband and mobile communications becoming the fulcrum of our lives, we’re best placed to assist your growing business.
After all, happy staff means productivity, efficiency and a feel good factor. It is closer than you think.