It's that time of year again. After a food and drink-fuelled festive break you're no doubt starting January with grand plans for the year ahead. It's fair to say that there will have been an element of familiarity to most people's new year's resolutions: drink less, eat better, go to the gym. These are all admirable endeavors but what about resolutions that will make a real difference to your business?
How many small business owners are thinking about New Year changes that will benefit their staff and business? Here are four resolutions that we believe should be on every small business owner’s list:
Going above and beyond the pension
The fact that the government’s pensions auto-enrollment scheme now incorporates SMEs (who employ more than five people) means that the many small businesses are now providing an employee perk to their staff for the first time. Yet, according to one survey of SME owners, 43% offer nothing more than a pension scheme, despite the fact that setting up auto-enrollment means they will have done much of the groundwork for other employee benefits. If that’s you, it’s worthwhile having a think about what other employee perks you could add. Initiatives such as employee discounts schemes can make a huge difference when it comes attracting, retaining and motivating your workforce and can be quick, easy and cheap to implement (as little as £4 per employee per month).
Reduce your bonus pot
This may not immediately appear to be an ‘employee perk’ (quite the opposite in fact!) however an increasing number of businesses are carving out just a small section of their bonus pool to spend on other employee perks (such as employee recognition, learning and development) and making a huge difference to their staff’s long term motivation in the process. These are areas where a little money can go a long way, so take another look at your bonus pool and think about what provides the best ‘value for money’ for your business in terms of employee engagement.
Help your employees book a holiday
Annual leave is another topic that’s front of mind for the savviest employers. Take a look at some of Silicon Valley’s biggest companies, including Linked In and Netflix, and you’ll notice that they are now offering unlimited annual leave as an employee perk, acknowledging the importance of rest and relaxation to employee engagement and productivity. Employers can go even further than this by giving them access to flight and travel discounts and even a concierge service that will handle the hassle of booking the trip.
Give your team a hand with their personal finances
Financial well-being is a growing consideration for employers and rightly so. As a recent PwC report stated “financial stressors are not only impacting employees, but are costing employers due to” their negative impact on productivity and motivation. So have a think about what you could be doing to support your team in this respect. This could include training and support in areas such as budgeting, childcare, debt and even wedding planning, as well as helping their salaries go further by giving them access to offers and discounts on the weekly shop.
Are you considering which employee perks you could be offering this year? Get in touch…