Be open to offering a number of options
The types of rewards that can be offered will depend on the business and its workforce, and there are lots of different options to suit every industry. Offering a wide range of bonus options will help to ensure there is something to meet the needs of each staff member. For example, financial bonuses could be offered to award hard work or good results. But rewards can also come in non-monetary forms such as activities outside work, extra training opportunities, or the chance to earn additional days off.
One particular non-monetary reward that holds a lot of value in today’s fast-paced business world is flexible working, especially with more and more employees aiming for a healthy balance between their work and home life. Many employees will value the opportunity to work from home or claim back any overtime they’ve worked in return for extra days off. For example, the legal sector is a particularly demanding industry, with lawyers often having to work long hours. However, at Fletchers Solicitors, we recognise that our staff have lives outside of the office and also have other commitments. That’s why we have implemented a flexible working policy to give employees the opportunity to take time off when needed.
The business world is a competitive environment and so when firms do attract the best talent, it’s important to take the time to understand how to keep them satisfied. Businesses need to realise that everyone has different motivations, in order for their benefits packages to be effective. Maintaining staff morale through reward and praise will help to improve retention, therefore enabling companies to keep hold of their top performers.
For more information, visit www.fletcherssolicitors.co.uk