In today’s tight labour market, it can be difficult to keep hold of your most talented employees capable of helping to take your business to the next level. Perks are one way of keeping staff motivated and happy but they need to be carefully thought out to avoid such schemes falling flat.
Most business owners see a pay increase as the best and sometimes the only way to keep employees happy but it is often hard for smaller businesses to compete on this alone. The competition may still be able to lure staff away if they have deeper pockets.
The one thing any business can compete on is creating a culture employee will appreciate. If staff are happy where they work then money is not necessarily going to be their only motivating factor.
Perks and rewards for good performance can go a long way to making staff feel appreciated. Bonuses for good performance are one way to achieve this. Other potential ideas include rewards for any ideas a staff member might bring that can be of benefit to the growth of the business.
Similarly, if a staff member actually brings new clients to the businesses, they should be rewarded for doing so with more than just a simple commission payment.
If the staff member is a particularly valuable asset to the company then the option of acquiring shares in the business can be a powerful motivating factor to remain part of the business for the long haul.