Your staff are working hard over the festive season, but you can't afford to give out bonuses. Here are the alternatives:
Consider your total reward package
Rewarding your staff doesn't have to be about money. Pay and financial incentives are just one facet of your employees' total reward package. There are many other tools that you can use to motivate and compensate your staff.
If you haven’t yet started to think about the bigger picture, now’s the time. Could you offer flexible working arrangements, either right now or after the busy Christmas period? Could you offer learning and development opportunities to those who are eager to progress? Have you thought about things like pensions, healthcare, and social initiatives? When you really get to grips with total reward, you’re likely to find that you’re offering plenty that you aren’t really showcasing.
Team up with local businesses
You probably already have contacts within your local business community. You might have been introduced to other entrepreneurs at networking events, or just in the course of your day-to-day operations. Have you ever thought about teaming up with them to offer something a little out of the ordinary for your staff?
A gym might consider offering some cut-price sessions. A gift store may offer a discount. The list of possibilities is endless. This approach could also open doors in the future when it comes to collaborative working opportunities.
Never underestimate the power of ‘thank you’
When’s the last time that you stopped to say a genuine thank you to your staff? It might seem obvious, but when you’re busy, it can be really easy to forget to do this. Staff don’t always want something concrete that you can hand over to them.
Many people take an immense amount of satisfaction away from simply being told that they’re doing a good job, and that their efforts are appreciated. Why not make it your mission today to ensure that you say thanks when it’s due?
Though our focus is on Christmas right now, it's important to note that regardless of the time of year, rewarding your staff for their hard work doesn't always have to be purely about financial incentives. More ideas here.
Do you need a little help when it comes to fine-tuning your reward strategy? If so, give us a call at The Human Resource on 07884 475303. We'll be happy to discuss how we might be able to work together.