Incentives Instead Of Salary Raises

You need your workers to make money in your business, but you can’t afford any salary increases if you’re going to stay in business. Here are some ideas for business owners to show appreciation for the hard work and loyalty of their staff beyond money.

Communicate!

Whatever else you have going on, you need to make sure that everything is clearly communicated to your staff—that there is a salary freeze, how long it will go on, how it will affect them, everything you’re trying to do to keep your business afloat and them employed. It’s your business, but it’s good to remember that employment has a large impact on your employees’ lives, too. Plus, you never know where a good idea will come from—more heads working on a problem is always good!

Incentives Beyond Money?

We’ve all heard the stories about businesses getting creative with ways to keep on making money as industries get shut down and partially re-opened. We need to get creative with how we incentivize employees, too. You can sit down with your employees and figure out what they need, and how you can work with them—maybe some will need part-time work for now, or others would like a furlough (a temporary lay-off) and come back when everything is in full swing again. You might even be able to put some employees in training while things are slow—there is a ton of training available online now.

Retain Your Employees

Your employees don’t want to lose their jobs any more than you want to lose them. You need them to make money, they need money to support themselves, and our communities need successful businesses and people spending money in those communities to remain viable. We’ve never had challenges before like we have had with this worldwide pandemic and all the business difficulties it has brought, but when employers and employees work together, we can figure it all out. Shaw & Associates would love to be part of your planning to keep your business around for a long time to come.

This video gives you a few more ideas on incentivizing employees beyond salaries. 

Contact Shaw & Associates Chartered Accountants for accounting help you can count on. One complimentary meeting with us will put you and your business on a more profitable and positive path.