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In the past, salaries were used to attract staff, benefits helped retain them, bonus and incentives motivated them to do a better job. Evidence demonstrates that a different approach is needed in today's competitive workplace. Individuals are attracted, retained and motivated by a wide range of both financial and non-financial rewards. Their demands also change depending on their age (what we call the 'decade principle') and businesses need to reflect this in their reward strategies in order to attract, retain and motivate the best staff.
Invaluable non-financial rewards include: recognition and appreciation for specific achievements (praise!), employee awards, training and promotion opportunities. Salary exchange benefits are also an easy and efficient way to improve your benefits package i.e. extra holidays, gym membership, mobile phones, childcare, health cash plans.
Whatever your business, find out what attracts, retains and motivates your employees and explore how best you can meet those needs to drive the right behaviours and performance standards in your organisation.
“"Working with P3 and the training programs has proved to be successful for our company. Our employees have bought into the programs and the training provided and I saw some immediate results from both our supervisors and management teams. P3 have been in regular communication with our company to ensure the training helps achieve our goals and they have been very adaptable when it comes to accommodating our busy work schedule."”
This year’s Budget was announced by Philip Hammond on the 29th October where he thanked the public for their hard work and promised that the end of austerity is in sight. Hammond opened;
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