Employee retention is incredibly important – as is creating a pleasant and happy work environment. One of the ways in which we can do this is by offering incentives to our employees – making them aware of just how much you value them.
- Throw staff parties
At certain points in the year, it’s nice to offer your employees the chance to celebrate their achievements. You can throw 1 party a year (on a recurring basis) and be exempt from paying tax if the cost is under £150 per head. You can throw more than one party without needing to pay tax on it, if the combined cost of all the parties is under £150 per head. Summer BBQs and Christmas parties are popular ways to give back.
- Offer company cars
In a variety of companies, employees are offered a company car. Many employees look for companies which offer this incentive as it’s an easy way to save money on their outgoings.
- Allow flexible working hours
Growing in popularity, flexible working hours allow employees to ‘flex’ their days. This might mean taking a morning off and making it up over the week, or shifting their working day an hour earlier or later. Plus, 87% of professionals think having a flexible job would lower their stress and 97% say a job with flexibility would have a positive impact on their overall quality of life. Offering flexible working means your workforce will take less time off, because they can fit their job around their appointments.
- Open up remote working
It is predicted that half of the UK’s workforce will work remotely by 2020 – why? Because it’s great! Employees love the freedom and save money on costly commutes. Not only that, but it’s a great benefit to company owners too. Save money on overheads such as office space, catering, utility bills and services.
- Establish an employee rewards scheme
Keep staff motivated with regular awards and rewards. Whether that’s by offering them profit-shares or giving prizes to the employee of the month, you’re simply providing a benchmark for staff to aim for. Rewards for great work encourage more great work – which is all the incentive you need as an employer.
- Offer training opportunities
You know the saying, “the only thing worse than training an employee and having them leave, is to not train them, and have them stay.” By investing in training for your employees, you’re investing in your company’s future. Poorly trained employees aren’t going to do a perfect job – so why would you expect them to?
- Prioritise a good work-life balance
Check in on employees who are staying late, offer mindfulness or yoga sessions once a month, offer a good rate of holiday and don’t give employees work to do in the evening or on weekends. Burnout isn’t just their greatest fear – it should be your gravest concern.
As an employer, it’s easy to prioritise profits over culture. However, a positive working environment will have an incredible impact on your employees productivity. High staff turnout, burnout and a tense office vibe is not conducive with great work.
If you’re looking for ways to free up capital to reinvest in your staff – we can help. At gHawk, we’re not just accountants. We’re here to make a real difference to our clients. Take a look at our business development services and let’s start incentivising!