In all areas of business, complacency can be a killer. For example, you might think your staff are satisfied and feel appreciated, but things can turn around surprisingly quickly - and if you're
not nimble enough to prevent a sudden downturn in staff sentiment, you could find output falls through the floor and your most talented and hardworking workers begin to wonder whether they might
be better off elsewhere. There's a delicate balancing act to be struck between the company's bottom line and keeping employees happy, and not all businesses manage to find the right equilibrium.
However, those that do generally find productivity improves and staff turnover stabilises. If you are interested to know more, take a look at Employee
While larger firms are usually in a better position to offer generous remuneration packages to employees - putting them in a strong position to poach talented workers from rival companies - smaller businesses struggle to match the offers their bigger rivals can provide. This problem has intensified in recent years, with small to medium-sized enterprises bearing the brunt of the global economic downturn. Demand has weakened and financial institutions have become considerably less willing to provide credit to smaller businesses, providing a boost to bigger firms backed up by larger cash reserves. Despite the gloom that continues to surround the worldwide economy, the more enterprising small companies have found ways of keeping employees on side without damaging morale or losing valued workers to competitors.
This is where employee reward schemes have proven particularly fruitful for many employers. By offering staff childcare vouchers, pre-paid credit cards or even luncheon vouchers, businesses can give their staff some reassurance that even where salary increases are not a realistic option, their employer is still keen to offer staff assistance wherever feasible. In fact, employee benefits can often prove equally attractive as pay rises, particularly when they are tailored to suit the needs of the individual involved. So a worker with young children may find the prospect of being given childcare vouchers more of an incentive than a salary increase in line with inflation.
The cost of living continues to rise sharply, and with wage restraint a common phenomenon across both small and large businesses, many households are currently faced with serious financial concerns. But by providing a helping hand where it's needed most, employers can improve staff loyalty and ensure productivity is maintained in what is a challenging time for many people. For relatively little outlay, businesses can go some of the way to mitigating the impact of flat wage growth. For more info, visit Employee Rewards.