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Staff retention in a small business is no easy feat. When big businesses are often able to offer bigger and better incentives to their employees, how can small businesses stay competitive?
As a small to medium business running for over a quarter of a century, we have had our ups and downs, especially working in an industry with one of the lowest retention rates.
A happy and healthy internal culture is key to keeping employee morale high and staff turnover rates low. In this article we list some of the ways Prime reward and incentivise our employees to make them feel valued without breaking the bank.
Running, bi-monthly, quarterly or seasonal competitions is a great way to build a happy workplace. Whether your business is in the commercial, industrial or accountancy sector, a competition is guaranteed to boost productivity and morale. A great way to encourage the team to stay on track is to offer a tiered reward system that ends with a bonus prize for completing the challenge. As the weeks go on, prizes get better and the challenge gets harder. Watch as the buzz builds! We recently applied this to an internal sales competition offering vouchers that increased in value with the opportunity to win an extra day’s holiday. This worked absolute wonders for employee morale and the results were definitely reflected in our figures.
Sometimes the classics are the best! If you’re looking for a way to show exceptional employees that you’ve really recognized their contribution, you can’t go wrong with EOTM. Whatever prize you decide to offer, the recognition that comes from having your work appreciated so publicly is a buzz for any employee. Many companies allocate this decision to their Senior Management Team, which is a perfectly workable method.
However, if you’re looking to take your game up a notch, why not make things a little more democratic? You could perhaps encourage all members of staff to nominate a winner, along with a few words of praise. Then once the nominations have been gathered, re-circulate them to the team. This way, all the nominees get to read the kind words their colleagues have said about them, instilling a real sense of mutual value and appreciation. The Managing Director or other senior member of the management team can then present the winner with a small gift as a token of appreciation.
Subsidized Gym Membership
Can’t afford an in-house employee gym? This is one area where small businesses can run into difficulties, as studies show that fit and healthy employees are far more productive. So, to solve this problem, we’ve decided to subsidize all of our employee’s personal gym memberships … whichever gym they are with! This has made gym membership far more affordable for all of our team, helping them stay fit and energised.
Do you like to go all-out for your birthday or do you prefer to keep things low-key? Either way, it’s always nice to know that your colleagues are thinking of you. Celebrating staff birthdays is a fun way to add a family-feel to your workplace. Whether you decide to keep things modest with a simple card signed by everyone, or to branch out into a joint present, every little counts.
If you have the capacity, another option is to let your staff have their birthdays’ off as an extra day of paid holiday. We’re fortunate enough to be able to do this at Prime and it has been a very welcome addition to our staff benefits! However you decide to mark the occasion, indulging in a little festivity is a simple and cost-effective way to keep your staff’s spirits up.
It wouldn’t be Friday without a few cheeky refreshments, alcoholic or otherwise.
To show your staff you appreciate their hard work this week, why not reward them with a few drinks? Of course, we can’t all afford an in-house bar, but there’s still the option to stock the fridge with a few carefully-chosen beverages to signal “well done” at 5pm!
In an age where people prioritize travel more than ever,it’s all too easy to lose employees who have caught the wanderlust bug! To insure against this, more and more employers are offering their employees set travelling sabbatical periods. Now, as a small business, this isn’t something we can afford to give away lightly. But, for select members of the team who have shown outstanding dedication and really proven their commitment to the company, we offer 6 month periods of leave. As a result, we’re able to retain our adventurous millennials, who return with a fresh outlook and renewed dedication to our business!
Quarterly Days Out
In our experience, co-workers who play together, stay together! As much as team workers can bond over lunch or by the kettle, we find it’s more effective to take things to the next level, with fun team bonding days. To that effect, we make it a priority to take each department out for an all-expenses paid activity and lunch on a regular basis. We also schedule quarterly company days out on activities voted for by our very own team. As a medium-sized business, we have to be sensible about the type of activities that we plan – all-inclusive trips to Florida are off the menu for now! But, we can still budget for some fun days out in the local area.
All in all, there’s no reason why a slightly smaller budget should stand in the way of having a great corporate culture. With a little creative thinking, small to medium businesses can still offer well-thought out perks and incentives that will really boost morale. This is especially the case when you tailor rewards specifically to individual employees! Ultimately, your efforts will lead to a happier and more engaged workforce and a staff retention rate to rival any of the bigger players!
For more information on our employee incentives, check out our “Join Us” page, here … https://www.prime-appointments.co.uk/pages/about-us/join-our-team