Last week’s blog started with a little rant about 'how much more small businesses are expected to take' given the National Living Wage being introduced and Auto-Enrolment looming.
It’s a shame though, that whilst many staff will be aware of the burdens being placed on their employer, the understanding won’t last forever and certainly as everyone does from time to time, as they feel the pinch in their own pockets, that understanding will disappear and perhaps dissatisfaction will set in.
It’s time like this, when funds are tight for rewarding staff, that employers need to think outside the box. It’s very often cold hard cash that is going to satisfy the workforce rather than installing a vending machine or the odd treat of pizza on Friday’s. They’re great things to do, but they’re not really going to hit the spot.
Now I know that the old motivational theories tell us that money won’t motivate forever and that money, as a motivator is very often at the bottom of the scale, but it’s highly likely that many of your workers would like their money to go further, or to be working harder for them so how can you help with this?
There are schemes that can help your staffs pay go much further, giving them a payrise effectively, for a fraction of the cost. If you could spend £52 a year on each of your staff to stretch their salaries by up to £2000 a year, would you be interested?
One such scheme is PayBoosterUK, discounts in-store and online at loads of major retailers. I looked at this kind of scheme when working in-house and always signed us up, a complete no-brainer in my eyes.
EDIT 2019: PayBooster UK is no longer trading but similar schemes are available, such as Perkbox. Take a look at https://www.perkbox.com/uk
It could be one of the cheapest and most valuable tools in your reward strategy. Take a look and let us know what you think.
If you are an employer and need assistance with staff and employment matters, talk to Cheryl at PeakHR. We offer competitive rates and cater specifically for small employers.
Please note our blog posts contain general information and are intended as guidance only and should not be taken as an authoritative or current interpretation of the law. Please ensure that you obtain advice tailored to your individual situation before taking action. These posts apply to the UK only.