Pay raise alternatives
When money refuses to talk, people walk – this is a well-known fact of life.
But not every business, especially SME business owners, can afford to give their staff annual pay rises, and even if they can afford to give out pay rises, the increase may not meet their employees’ expectations.
So if you can’t squeeze your tight budget even tighter to find the extra funds for those pay increases, then it is vitally important to show your employees you value them using other methods.
Your staff members are key assets in your company, so it’s important you treat them like one.
If morale is low among staff, then work output will be low too. A happy team member is a hard-working team member, so show them you care and appreciate the work they put in by implementing some of the pay rise alternatives below.
Upskilling
Sending staff to relevant training and development courses is a win-win for all.
Staff view upskilling as positive progress in their career because it boosts their confidence and puts them in good stead for promotions down the line.
Attending business workshops is not normally something an employee would sign themselves up for, because they can be costly and they often run during work hours.
Business courses are a smart investment for employers, too, because companies will reap the benefits of employees' new, enhanced skills.
The investment you make in paying for the training course and giving the staff member time off will quickly pay for itself.
Flexi hours
The typical eight-to-five, Monday-to-Friday work week doesn’t suit everybody’s lifestyle and schedules, particularly if they face long commutes or have young children.
Asking your employee what hours suit them best and offering a flexible schedule can work wonders in improving their attitude towards the job.
Starting work an hour later can be a huge benefit to many staff, giving them time to sleep in, calmly get their children to school or miss the traffic jams on the motorway.
They will arrive at work less stressed and ready to work. So be accommodating and flexible to their personal needs and in return get a happier employee.
Entertainment perks
Staff on low and even medium-level wages can often struggle to pay the bills, let alone treat themselves and their family to a nice meal or special outings.
So why not reward your employee for all their hard work with a bit of R&R and luxury time that they wouldn’t otherwise get.
Rewards could include restaurant or shopping mall vouchers and concert or sports game tickets.
The unique aspect of this alternative is that you can tailor the perk to your employee’s hobbies, personality, and preferences, showing that you really know them and care.
Bill breaks
Bills are a part of everyday life, but wouldn’t it be nice if someone lightened the load and paid one for you?
I’m sure you think so and no doubt your employees would agree. So why not pick up the tab for one of their work-related bills?
If your office is in the city, then it’s likely your staff have to pay for parking, which is a necessary evil. Consider subsidising or paying their parking bill, or, better yet, give them a company car park.
Companies often offer great mobile phone plans with a massive number of minutes you'll never use, so why not share them? Pay for your staff's phone bills or give them a work mobile phone.
Commuting to and from work can be a ghastly task, particularly if you face horrendous traffic day in day out, leading to equally horrendous petrol bills. So why not ease the burden with a fuel subsidy card, or if you’re feeling extra generous, a work car would certainly go a long way to making an employee feel valued.
Take a break
Are your employees working their fingers to the bone?
Many businesses now have just enough staff to get the job done and as a result staff are as busy as they’ve ever been and/or have to rack up overtime to get their core duties done.
While having just enough staff to get the job done may be an efficient way to run a business on paper, it can take a toll on its employees.
If this sounds like your business, then your staff are probably in need of a well-deserved break. So insist they take a day off and give them an extra day’s holiday; a long weekend to relax can work wonders. Yes, this will be an inconvenience as you’ve only just got the manpower required to get by in the first place, but your employees will appreciate the gesture and the time off more than you think, and come back rejuvenated, energised and ready to get stuck back in.
Get creative
Ask your employee what sort of bonus they would like. Let them think about it and come up with something that really gets them excited.
If the idea is realistic, then implement it.