Effective Incentivised Employee Strategies
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If you want to have a workforce that is happy, productive and are willing to stay for any length of time, then you will need to think about what you, as a boss, are offering them. Job satisfaction is not just about being happy to have a job, it is about the whole package surrounding the job. This package needs to include money, benefits, progression and many other aspects. If you are concerned that your employees are not 100 per cent happy working for you, then you might like to consider which of the below you are currently not offering them.
If you want to attract and keep the best person for a job then you need to offer decent monetary compensation for the role. Without a competitive salary there will always be a draw for your employees to go and work somewhere else where the pay is better. Find the balance between offering a good salary and putting too much of a dent in your profit margin with your salary bills. Look around at what other companies are offering for similar jobs and take an average as your guide figure. Don’t be afraid to up a salary if you find someone really good as they will likely help you build your business, and have at least annual reviews to make sure you’re paying people what they are worth.
Money isn’t the most important thing for many employees, and a strong benefits package could allow you a little flexibility with salaries. It is also a brilliant way of encouraging people into your company who are looking for a long-term role rather than a stepping-stone. There are some benefits that are required by law by certain types of business – for example, employers liability insurance is essential and the new pension scheme, when that comes in. Most benefits however would need to be extras such as healthcare or childcare schemes. Bonuses are a great addition to a benefits package, and by attaching these to a target you can make sure that this is an affordable investment.
Training and tools
Employees are more likely to feel valued and want to stay with you if they have a good working environment with everything they need to do their job and to progress. This is achieved by ensuring that things that are used everyday like computers are running properly, and that they have the best software for the job in hand. Battling outdated tools and equipment lessens productivity and causes frustration amongst those doing the job, and is a big cause of discontent amongst staff. Another big cause of unhappiness is feeling stuck somewhere with no chance of progression. A good training scheme and clear progression paths are an easy way to remedy this in a way that benefits both you and your staff.
Making employees feel valued is good business sense as you will likely get better work from them, and keep them for longer. A happy working environment is usually a prosperous one, so make sure you are offering something more than just a job and that you are really showing how much you appreciate your team for maximum productivity and profitability.
This article was written by Roxanne Wells on behalf of Hiscox.
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