How much do employees appreciate holiday time? Could I offer them extra time off in lieu of money I can’t afford to offer them?
It has taken a long time for business leaders and employers to realise that pay for performance doesn’t work for everyone.
But that’s what’s happened and now employers are retaining quality staff by offering incentives and rewards based on what is valued by each individual.
Some people jump at the opportunity to take extra holidays but many prefer other options.
It really comes down to communication and getting to know what is intrinsically important to each staff member.
A great time to ask your employees “what would you value the most in regards to an incentive or reward?” is at the start of employment or during the on-boarding period.
As a small business owner I have been guilty of relying on the “perception technique” by presuming I knew what was important.
All I was really doing was viewing it through my eyes and not theirs.
Offering rewards or incentives does not need to involve an additional expense.
People are leaving high-paying jobs to work for less pay and in more fulfilling or purposeful roles.
So fast forward your thinking to some of these 21st century employee incentives:
- Greater work/life balance.
- Flexible hours to allow for a monthly RDO, a half day off every second Friday or working from home during school holidays.
- Greater recognition of their contributions.
- Job satisfaction/pleasure.
- Ability to learn and extend their skills.
At the end of the day, all you have to remember is your employees are human and have differing values and needs. One size doesn’t fit all.