Low-cost, no-fuss employee benefits
Businesses today are looking for easy to facilitate, cost efficient ways in which to recognise and reward high performers, while motivating those that aren’t quite there yet.
Those with larger budgets could initiate a suite of benefits, which make use of salary sacrifice, tax breaks and investment. Not to worry if you don’t, there are other small benefits that can be implemented.
Training is one such benefit. Knowing that the company values you enough to allow you to train is a big motivator, especially if the individual is given the freedom to create their own development plan.
Don’t worry, gone are the days were going on a course meant spending three days out the office at a hotel somewhere, all expenses paid. These days, sophisticated software means that employees can take courses at their own desks, in their own time and have their progress tracked by a learning management system (LMS).
LMS not only provides training courses, but acts like an invigilator, marking exams, issuing certificates and can log every employee’s results. This is particularly useful for industries were employees are required to work in compliance with certain legislation. LMS makes it easier to keep track, should an audit be required.
Start up an internal recognition scheme, which allows peers to nominate each other for an award or simply the honour, for some great work they have done. This can be implemented fairly informally, with email nominations going to a mailbox or to a panel of judges who can decide whose hard work should be celebrated. The winner could perhaps receive a voucher, a cup or a bottle of wine. Sometimes just being nominated is reward enough and can really boost morale.
Another idea is to implement optional volunteer days, where the employee can swap a day at work for a day helping a charity, mentoring college students, painting bridges, fund-raising, etc. This is a great eye opener for individuals, giving them a broader perspective on life and a sense of achievement. It is also great publicity for the organisation.
How about allowing employees to buy or sell holiday? Legally, full time employees must take 20 days holiday (in addition to bank holidays) each year, but any extra could be sold. They could then receive a pro-rated balance with their monthly wages. Similarly, some people might like to buy extra holiday, for which their salary would be reduced, pro-rata. Thus ending squabbles about holiday!
Times are tough and employees realise this. They will appreciate any positive gesture, however small and view it as a measure of their value to the company. It doesn’t take much.