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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.
“"Since using P3PM I have found that they have been keen to understand how our business operates in order to tailor the HR Services to our needs and requirements. It has allowed me the opportunity to have additional support for more complicated HR situations." ”
Focussing on retaining your talented workforce should be a key priority to keep your organisation ahead of the competition. According to Accounts and Legal, a UK small business accountant, the average cost;
A workplace disaster of any nature can negatively impact your employees’ health, your customer service and possibly damage your brand’s reputation. If your business follows the rule that ‘disasters don’t plan ahead, but;
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