Up staff pay? OR ____?
“Despite common perceptions, money is only a component of the motivation to stay and enjoy a job,” shares JD Rucker in a recent Business Insider article.
Without touching your salaries, there may be ways that you can make a significant difference in how motivated your employees are to do exceptional work.
Best of all? Many of these options don’t have any hard costs that will impact your bottom line. It’s all upside this week!
Deciding what to offer
Among a wide range of ways to add value for your employees, choosing the right one takes special consideration.
You want to add value that is meaningful for your employees, which means you may provide something different than other companies.
If what you offer isn’t appreciated or valued, then why offer it in the first place?
4 steps to determine what your employees want
To offer something your employees will appreciate:
1. Think about your employees’ preferences:
What do they value? What have you noticed them really appreciating? What in the past has seemed to make no difference or impact? If you’re unsure, ask around or send out a e-survey.
2. Consider your employee demographics:
Do you employ a high percentage of a certain group? For example, if you employ a lot of parents with young children, perhaps it’s more valuable to offer a flexible schedule or on-site daycare opposed to travel opportunities.
3. Focus on long-term vs. short-term:
Add value that will be long-lasting. For example, if you decide to host an employee appreciation event, consider making it an annual tradition. Employees want to see long-term value, not feel like a fleeting consideration.
4. Be competitive, yet unique:
When your competitors instil a practice like flexible work schedules or an option to work from home, it may be prudent to stay competitive in order to retain talent. On the other hand, feel free to be creative and offer something unique. This will set you apart from the competition and make your benefit something to talk about.
8 alternatives to winning over staff without increasing salaries
While options are endless in terms of how you can offer value to your employees, here are a handful to consider.
Do make sure you consider this impact on your business / billables and also consider the impact that may have on other people needing to cover them (as may end up demotivating others).
Any questions?
If you have questions on this topic or any others, feel free to reach me by email or set up a free one-on-one consultation session, or drop me a comment below.
Thanks for sharing!
