Many businesses are still struggling to find their way after the recent economic downturn. Some want to offer better perks to their employees since they cannot yet justify big bonuses and long-term salary bumps. It leaves small businesses thinking outside of the proverbial box to look for ways to show appreciation for their hardworking employees without breaking the bank in the process and turning to additional perks in the workplace is usually the answer. These are just a few great incentives businesses of any size can adopt and make their own.
When it comes to motivating your employees, there are two main methods of achieving high levels of productivity: the carrot and the stick. Whilst using the ‘stick’ method typically sees workers having to meet specific KPIs (key performance indicators) or risk facing the sack, losing a portion of their bonus or working overtime to deliver what you need, the ‘carrot’ method instead provides workers with specific rewards. These rewards may be end of year bonuses after annual reviews and smaller incentives throughout the year. As suppliers of many reward-based corporate hampers, we thought we’d take a look at why the carrot method of motivation is proving to be so effective in the workplace.
Improving and building team spirit is an essential part of business growth, more so for small enterprises. The main challenge to a business leader is to encourage the team members to bond, readily share relevant information and work together towards pushing the business brand forward. Small enterprises mostly do not have resources at their disposal to cover employee redundancy, therefore employees should be aptly encouraged to work together and market the company. The employees should readily engage in promoting and sharing of the company’s vision and mission.
Just as job seekers have trouble finding quality job opportunities, business owners have a similar struggle in finding and holding onto talented employees. In order to keep employee turnover to a minimum, it helps to create a positive work environment that not only attracts loyal employees but make them want to stick around as well, and if you’re wondering how to improve your employee success rate, here are a few tips to get you on the right track.