Corporate gifts can be a great way to recognize the contributions and achievements of the women in your professional network. (Representative image: Shutterstock)
While giving an employee a raise is sure to put a big grin on their face and urge them to stay with a company. If you can’t give your staff a raise, here’s what you can do
While offering a raise is sure to put a smile on an employee’s face and motivate them to stay with a company, it’s not the only way to keep them happy. The productivity of any company will be boosted if the company does everything it can to encourage work-life balance and provide key benefits. It can sometimes become difficult for a company to offer the staff a salary increase, especially at such times these extra bonuses or benefits can help to keep the staff motivated. Here are the things you can do if you can’t give your employees a raise:
Paid vacation
Paid vacation helps employees balance their work and personal lives. It provides a window for employees to meet personal and family obligations. They can break away from demanding and stressful work. Paid vacation gives employees the opportunity to rest, relax and rejuvenate before returning with a new perspective, increasing productivity.
Other health insurance benefits
Most companies offer health insurance, but one can offer an additional level of benefits in addition to the additional benefits for dental, optical, and well-being checkups. These may include providing life and disability insurance, gym memberships, transportation benefits, child welfare day care centers, and more.
Retirement account
By saving money earlier, one can enjoy a greater source of income during the retirement phase. Offering retirement accounts and plans serves as a relief to the source of income for the employees, helping them secure a fund for the future.
Bonus
Bonus payments can improve staff morale and result in an increase in their productivity and motivation. Adding bonuses to performance encourages employees to achieve their goals.
Flexible working hours
Adjusting working hours allows staff to focus on other important personal events, such as attending children’s meetings and school functions; bringing and picking up spouses or children from work and school.
Opportunities for working from home
Providing work from home opportunities at least once or twice a week will save you money on transportation and even daily lunch. It also reduces travel time allowing the employees to spend hours enjoying the company of their families.
Transport allowance
Offering a transport allowance can remove a large part of the travel costs from the staff budget.
Additional overtime pay
On hectic days, employees have to work overtime to meet the company’s target. Offering extra pay for their extra work can be a motivation to perform well after shift work.
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