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Atricle Dump - Salary & Rewards To Maximise Employee Retention
Branding is perhaps the most important facet of any business--beyond product, distribution, pricing, or location. A company's brand is its definition in the world, the name that identifies it to itself and the marketplace. A model may be beautiful, but without a name, she's just "that girl in that picture." Where would Norma Jean be without Marilyn Monroe, or who would imagine Coca-Cola as just a soft-drink manufacturer? A brand provides a concrete descriptor to customers and competitors alike, a name for a product or service to distinguish it from anything else. Bob may run a hobby shop, but trying to advertise as "The hobby shop a guy named Bob runs down the street a ways" is financial suicide. Each customer will have to desc
You see, such personalised bonuses are often much more effective in retaining employees to your business than the cash equivalent.
6. Build Up Your Benefits
To retain customers and clients, you need to continually look for new and innovative ‘add-on’ services that will benefit them. The same applies to retaining your employees. In a competitive job market, you need to continually look for ways in which to add more and more benefits for working for you.
For example: can you strike up alliances with local service providers which allow your team discounts on eye treatment, travel, insurance and the like? Can you reward staff loyalty by linking additional days off to the length of employment, just like larger corporations do?
7. Communicate, Communicate, Communicate
No matter how grand your pay and rewards scheme is – unless people really understand it, it will have little impact in motivating and retaining them. So ensure everyone in the team is cryst
Are you interested in finding a new career? If so, it is likely that you will find that you have an unlimited number of career opportunities to choose from. One opportunity that you may not think of is becoming an IAQ specialist. If are looking for a career change that can bring you satisfaction and income, you are encouraged to learn more about becoming an IAQ specialist.An IAQ specialist is an individual who specializes in indoor air quality. In general, indoor air quality is the condition of the air found inside a home or a business. This career opportunity may be just what you are looking for. It is estimated that a large percentage of homes and businesses, in the United States, have a poor indoor air quality rating.
But what is clear is that a team member’s dissatisfaction with pay is very often the catalyst for them to start looking. An individual may already be frustrated with a number of factors, but the financial factors typically act as the ‘trigger’ to update their CV and start applying for new positions.
This means that getting your pay structure right really is a key aspect of retaining the right people.
But when it comes to setting pay levels, it is not necessarily about “paying the most”, but more about ensuring that the way you remunerate your team is fair, consistent and competitive.
Here are 7 tips to making this happen in your business:
1. Know Your Marketplace
One of the keys to retaining customers and customers is to understand what is happening in the external market with respect to competitors, products, services and pricing and then to adapt your own offering to ensure you continue to maintain your competitive edge.
The very same applies to retaining staff. By keeping an eye on the local ‘market for people’, you have better information to make decisions about how to retain your team.
So get into the habit of glancing at local papers, trade journals and job sites. Who is recruiting? What kind of people are they looking for? What type of skills does there seem to be a shortage of? What is happening to pay levels? What type of innovative benefits are other businesses offering?
2. Be Very Competitive With Your Pay
Whilst retaining good people is not simply about paying more than everyone else, you do need to be competitive. So ensure you know what is happening in the external market and that your pay levels reflect this.
But also ensure that they reflect what you are doing with your business internally. As an example, if you are charging premium rates for your services with an emphasis on offering a quality product with a high level of customer service, then you should focus on paying premium rates to your team so as to attract and retain the high-calibre people required to deliver your premium products and services.
3. Link Pay Rises To Performance
If you want to incentivise and keep the right people, you need to ensure that the top performers in your team feel well rewarded and valued. The way to do this objectively and fairly is to conduct annual appraisals with each of your team, and then have a system that links the appraisal directly to salary increases and discretionary bonuses.
The way to do this is to have a very simple scoring or grading system within the appraisal, which you then use to make decisions on pay rises.
4. Pay An Annual Cash Bonus
Everyone loves a bonus. It makes people feel valued and is an important tool in retaining staff. There are a number of ways you can pay a cash bonus.
You can pay an individual bonus annually where you just pay double the salary one month of the year. As an example, one of my previous employers paid all staff double in the December pay packet, which essentially meant an end of year bonus of 8.3% and had a significant impact in tying in people to the organisation.
Alternatively you could pay a team bonus based on team performance. Set your financial targets for the year and then pay the whole team a bonus dependent on the business achieving targets.
5. Offer More Personalised Bonuses
A friend of mine has recently returned from a 3-day break at the French Grand Prix. His boss, a small business owner, bought the package at a charity auction and gave it to him as a thank-you for his hard work over the past year. Being a life long Grand Prix fan, he was over the moon and says he is now more loyal to his employer than ever before!
So look at what your own team would value as individuals – consider what would totally motivate them. Is it theatre tickets, tickets to a football game, a meal at a posh restaurant, a spa treatment or a weekend break?
You see, such personalised bonuses are often much more effective in retaining employees to your business than the cash equivalent.
6. Build Up Your Benefits
To retain customers and clients, you need to continually look for new and innovative ‘add-on’ services that will benefit them. The same applies to retaining your employees. In a competitive job market, you need to continually look for ways in which to add more and more benefits for working for you.
For example: can you strike up alliances with local service providers which allow your team discounts on eye treatment, travel, insurance and the like? Can you reward staff loyalty by linking additional days off to the length of employment, just like larger corporations do?
7. Communicate, Communicate, Communicate
No matter how grand your pay and rewards scheme is – unless people really understand it, it will have little impact in motivating and retaining them. So ensure everyone in the team is crysta
The Formal Vs Informal Communication TestIf you have spotted an online marketing business opportunity, but are unsure how to approach it, you are not alone! It can be very difficult to decide on an appropriate ‘narrative voice,’ and to gauge what tone to strike when marketing your product online. There is no one answer to this problem, but if you remember that it all comes down to your brand identity, your target market and the message you wish to promote you’ll be on the right track.The test is really a set of guidelines that you need to consider before you can begin promoting your product.How do I market my product? Though it may sound obvious, you need to look at your target demographic. They are the people
The very same applies to retaining staff. By keeping an eye on the local ‘market for people’, you have better information to make decisions about how to retain your team.
So get into the habit of glancing at local papers, trade journals and job sites. Who is recruiting? What kind of people are they looking for? What type of skills does there seem to be a shortage of? What is happening to pay levels? What type of innovative benefits are other businesses offering?
2. Be Very Competitive With Your Pay
Whilst retaining good people is not simply about paying more than everyone else, you do need to be competitive. So ensure you know what is happening in the external market and that your pay levels reflect this.
But also ensure that they reflect what you are doing with your business internally. As an example, if you are charging premium rates for your services with an emphasis on offering a quality product with a high level of customer service, then you should focus on paying premium rates to your team so as to attract and retain the high-calibre people required to deliver your premium products and services.
3. Link Pay Rises To Performance
If you want to incentivise and keep the right people, you need to ensure that the top performers in your team feel well rewarded and valued. The way to do this objectively and fairly is to conduct annual appraisals with each of your team, and then have a system that links the appraisal directly to salary increases and discretionary bonuses.
The way to do this is to have a very simple scoring or grading system within the appraisal, which you then use to make decisions on pay rises.
4. Pay An Annual Cash Bonus
Everyone loves a bonus. It makes people feel valued and is an important tool in retaining staff. There are a number of ways you can pay a cash bonus.
You can pay an individual bonus annually where you just pay double the salary one month of the year. As an example, one of my previous employers paid all staff double in the December pay packet, which essentially meant an end of year bonus of 8.3% and had a significant impact in tying in people to the organisation.
Alternatively you could pay a team bonus based on team performance. Set your financial targets for the year and then pay the whole team a bonus dependent on the business achieving targets.
5. Offer More Personalised Bonuses
A friend of mine has recently returned from a 3-day break at the French Grand Prix. His boss, a small business owner, bought the package at a charity auction and gave it to him as a thank-you for his hard work over the past year. Being a life long Grand Prix fan, he was over the moon and says he is now more loyal to his employer than ever before!
So look at what your own team would value as individuals – consider what would totally motivate them. Is it theatre tickets, tickets to a football game, a meal at a posh restaurant, a spa treatment or a weekend break?
You see, such personalised bonuses are often much more effective in retaining employees to your business than the cash equivalent.
6. Build Up Your Benefits
To retain customers and clients, you need to continually look for new and innovative ‘add-on’ services that will benefit them. The same applies to retaining your employees. In a competitive job market, you need to continually look for ways in which to add more and more benefits for working for you.
For example: can you strike up alliances with local service providers which allow your team discounts on eye treatment, travel, insurance and the like? Can you reward staff loyalty by linking additional days off to the length of employment, just like larger corporations do?
7. Communicate, Communicate, Communicate
No matter how grand your pay and rewards scheme is – unless people really understand it, it will have little impact in motivating and retaining them. So ensure everyone in the team is cryst
A great and easy way to lend credibility to your company, your products and your services is by having your own registered office. Things have become convenient for businessmen, businesswomen and merchants in UK, who want registered offices. Now they can also get online services which would help them attain their registered office, and also they can benefit the ease of doing it online.A registered office is nothing but the company address that has been registered with the Companies Registry. The company records are usually maintained with reference to this address. This implies that this address is printed on the company letterhead and other means of company correspondence. This address is quoted for any kind of official commu
3. Link Pay Rises To Performance
If you want to incentivise and keep the right people, you need to ensure that the top performers in your team feel well rewarded and valued. The way to do this objectively and fairly is to conduct annual appraisals with each of your team, and then have a system that links the appraisal directly to salary increases and discretionary bonuses.
The way to do this is to have a very simple scoring or grading system within the appraisal, which you then use to make decisions on pay rises.
4. Pay An Annual Cash Bonus
Everyone loves a bonus. It makes people feel valued and is an important tool in retaining staff. There are a number of ways you can pay a cash bonus.
You can pay an individual bonus annually where you just pay double the salary one month of the year. As an example, one of my previous employers paid all staff double in the December pay packet, which essentially meant an end of year bonus of 8.3% and had a significant impact in tying in people to the organisation.
Alternatively you could pay a team bonus based on team performance. Set your financial targets for the year and then pay the whole team a bonus dependent on the business achieving targets.
5. Offer More Personalised Bonuses
A friend of mine has recently returned from a 3-day break at the French Grand Prix. His boss, a small business owner, bought the package at a charity auction and gave it to him as a thank-you for his hard work over the past year. Being a life long Grand Prix fan, he was over the moon and says he is now more loyal to his employer than ever before!
So look at what your own team would value as individuals – consider what would totally motivate them. Is it theatre tickets, tickets to a football game, a meal at a posh restaurant, a spa treatment or a weekend break?
You see, such personalised bonuses are often much more effective in retaining employees to your business than the cash equivalent.
6. Build Up Your Benefits
To retain customers and clients, you need to continually look for new and innovative ‘add-on’ services that will benefit them. The same applies to retaining your employees. In a competitive job market, you need to continually look for ways in which to add more and more benefits for working for you.
For example: can you strike up alliances with local service providers which allow your team discounts on eye treatment, travel, insurance and the like? Can you reward staff loyalty by linking additional days off to the length of employment, just like larger corporations do?
7. Communicate, Communicate, Communicate
No matter how grand your pay and rewards scheme is – unless people really understand it, it will have little impact in motivating and retaining them. So ensure everyone in the team is cryst
Giving out Free Bonuses, your Pathway to SuccessDon’t you feel good when someone gives you something free for making a purchase? Doesn’t it make you feel great about the product when you get an additional something besides what you actually paid for? Well, most people feel that way as well. This shows what a great way it is to add to your customer satisfaction by just throwing in a free gift or bonus. Further more, some people might even purchase your product when they see the huge assortment of gifts and bonuses you are offering, some even with no intention to use your original product in the first place! This greatly increases the perceived value of your product and hence increasing sales.This approach works because o
Alternatively you could pay a team bonus based on team performance. Set your financial targets for the year and then pay the whole team a bonus dependent on the business achieving targets.
5. Offer More Personalised Bonuses
A friend of mine has recently returned from a 3-day break at the French Grand Prix. His boss, a small business owner, bought the package at a charity auction and gave it to him as a thank-you for his hard work over the past year. Being a life long Grand Prix fan, he was over the moon and says he is now more loyal to his employer than ever before!
So look at what your own team would value as individuals – consider what would totally motivate them. Is it theatre tickets, tickets to a football game, a meal at a posh restaurant, a spa treatment or a weekend break?
You see, such personalised bonuses are often much more effective in retaining employees to your business than the cash equivalent.
6. Build Up Your Benefits
To retain customers and clients, you need to continually look for new and innovative ‘add-on’ services that will benefit them. The same applies to retaining your employees. In a competitive job market, you need to continually look for ways in which to add more and more benefits for working for you.
For example: can you strike up alliances with local service providers which allow your team discounts on eye treatment, travel, insurance and the like? Can you reward staff loyalty by linking additional days off to the length of employment, just like larger corporations do?
7. Communicate, Communicate, Communicate
No matter how grand your pay and rewards scheme is – unless people really understand it, it will have little impact in motivating and retaining them. So ensure everyone in the team is cryst
Simply put, a vision statement allows others to know what your vision for your company is. Where do you want your company to go? What is your company’s ultimate goal? To help put together your vision statement take the time to close your eyes and think about what your company will look like in 5 years. The picture you have created is your vision and will work towards developing your vision statement.When asked by others what your vision statement is, are you providing them with an answer that truly allows them to envision that picture you are working to create? Will that picture tell them where you ultimately are headed with your business?Keep in mind that how you word your statement can mean the difference between exci
You see, such personalised bonuses are often much more effective in retaining employees to your business than the cash equivalent.
6. Build Up Your Benefits
To retain customers and clients, you need to continually look for new and innovative ‘add-on’ services that will benefit them. The same applies to retaining your employees. In a competitive job market, you need to continually look for ways in which to add more and more benefits for working for you.
For example: can you strike up alliances with local service providers which allow your team discounts on eye treatment, travel, insurance and the like? Can you reward staff loyalty by linking additional days off to the length of employment, just like larger corporations do?
7. Communicate, Communicate, Communicate
No matter how grand your pay and rewards scheme is – unless people really understand it, it will have little impact in motivating and retaining them. So ensure everyone in the team is crystal-clear about how the pay and bonus scheme works, what the financial targets are for the business and how these impact on their own pay packet.
Then it’s a question of re-enforcing these points through your weekly staff meetings as well as your quarterly and annual updates with the team.
Remember: having a fair, consistent and competitive pay structure is a crucial aspect of Keeping The Right People. Take some time today to think about what you could do with your pay and rewards to motivate and retain your team. Then choose at least one tactic to implement this month. It could be the biggest contribution you have made towards retaining your staff this year
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