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You are here: Home » Archives for employee benefits

employee benefits

reward employeesEvery business, regardless of size, scale or industry wants to get the best from its people. When people work hard, it logically follows that output goes up.

The idea of achieving that through incentives is not a new one, but from the outside, it seems that a defined recognition and reward program is reserved for big business.

Smaller businesses just don’t have the time or resources to invest in developing something as grandiose as this and, when the focus needs to be on sustaining the business day-to-day to protect the jobs for everyone involved, it certainly doesn’t look like a business priority.

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An effective incentive scheme is an important way for small businesses to motivate their staff in order to improve performance and boost profits. Responding to incentives is part of human nature and employees like (and deserve) to be rewarded for their hard work.

For startups and small businesses who have a limited budget, designing a staff incentive scheme can seem like a real challenge. But you don’t need company cars and large annual bonuses to design an incentive scheme that has a positive impact in your workplace.

Here’s how to create an incentive scheme that really works for your staff and your small business;

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When you employ staff you must give them a certain amount of annual leave, and pay them during this time.

If your employees work a set amount of hours, and received a fixed salary, calculating their annual leave entitlement and holiday pay is straightforward. However, if staff have irregular hours, work overtime, or receive commissions or bonuses then calculating holiday pay can get quite tricky.

To help new business owners and employers understand the regulations on calculating holiday pay, we asked employment law expert, Peter Done to explain the key points for small businesses;
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One of the first things new business owners often say to me is how bewildering it can be getting their heads around all the different aspects of running a business.

From marketing and IT to tax and finance, it’s a case of having to quickly get up to speed on a huge range of things. For many small businesses the only way to make sure that everything gets done right is to outsource some of the tasks.

The type of functions that are frequently outsourced by small businesses are ones that either don’t add any value, or require specialist skills and knowledge that are not viable to employ someone to conduct in-house.

The administration of the company’s payroll is one such function. With a variety of outsourcing options available, from large established payroll providers to smaller competitors, outsourcing your payroll can offer a number of short-term and long-term benefits.

In this article, we look at some of the benefits of outsourcing your business’s payroll function and when is the best time to take the plunge. Continue…

Taking on your first employee should be an exciting time. It means your business idea is working and you need help to expand. But while employees will help your business grow, they will also bring new stresses you may not have encountered before.

When you are employing new staff, there are all sorts of costs that you must take into account. Plus the way your business runs with just you and any business partner, may not continue to be appropriate when employees are on board.

This guide will help you identify the true costs of an employee, and build a plan to manage the impact on your business. Continue…

It is often noted that a business is nothing without its people, but how do small business leaders create a winning team when their time and resources are often taken up with getting the business up and running?

The key is to remember that a great team with an average plan will be far more successful than an average team with a great plan. A great team is one that shares a common goal, its members are engaged and work within an environment of support and trust. Employees who are engaged and feel supported are more likely to be loyal and motivated. Continue…

A recent survey by the Institute of Leadership and Management (iLM) suggested more than a third of UK workers (37%) were hoping to leave their current job inside 12 months, and that a quarter of people planning to change jobs were doing so because they felt underappreciated by their current employer.

Other studies have shown that many UK employees feel undervalued at work and often it’s the small things that count. Last year recruitment website monster.co.uk found 58% of British workers don’t believe employees are thanked enough in the workplace, with 54% saying this left them feeling unappreciated and 41% feeling demotivated as a result.

So what can small business owners do to help ensure staff are motivated to do a good job and want to stay with you for the long-term? Continue…

In an increasingly competitive business world, nurturing your existing staff can help you avoid a high turnover rate. If you’re constantly losing employees you find yourself spending a lot of valuable time training new staff, but not reaping the rewards down the line.

In any small or start-up business, one of the most important aspects is to find the right staff for the company. Employees need to be a good fit for any business, and in a start-up environment staff need to have the drive, innovation and determination to ensure that they make any venture a success.

While training may be a big upfront cost, it is vital to retaining new employees and ensure that the investment you make in recruitment and training are not drained from the business as employees leave the company.

So what staff benefits can you introduce to help you draw high-calibre employees to your start-up or small business? Continue…

As a small business owner you may not have lots of money sloshing around. You know your staff are your most important asset, but you may not be able to afford to give them a pay rise.

So how can you be an attractive company to work for, motivate and reward staff and promote loyalty without increasing your pay bill?

Believe it or not, introducing employee benefits may be the answer. There is a range of benefits which won’t be a cost to your company and will actually provide savings by reducing your tax liability. These are known as salary sacrifice arrangements.
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As 2015 progresses, increasing numbers of small and medium sized businesses (SMEs) – those employing up to 30 members of staff – are getting closer to their automatic enrolment staging date, where they will be required to enrol staff into a workplace pension scheme.

Hundreds of thousands of small employers across the UK will have already received letters from the Pensions Regulator (TPR) telling them of their Automatic Enrolment duties as an employer. However many small businesses still don’t know what they need to do. Continue…

New parental leave legislation came into effect in April 2015, giving men and women the option to share child care over the course of a year.

Increased flexibility provided by shared parental leave will enable more men to be involved in child care and bond with their babies. It will also give women the freedom to return to work earlier if they wish, which could enhance their career prospects.

However, not everyone has welcomed the new legislation with open arms. Some of the harshest critics have been the Small Business Federation and The Institute of Directors who claims the legislation could create a “nightmare” for employers, particularly small businesses.

So what are the implications of shared parental leave legislation on a business and how can you overcome the practical challenges it brings?

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When it comes to the subject of employee wellbeing, it is very easy for employers to push it to the bottom of the agenda, or shrug it off as a waste of valuable time.

But with many firms now taking staff wellbeing seriously, and beginning to recognise the benefits of a focus on ‘mindfulness’, this guide explains what business owners and leaders need to know about mindfulness in the workplace and highlights the benefits in can bring to modern businesses.
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How do you define leadership? There are thousands of books, resources, classes and experts, together forming what might be described as a leadership industry. So it’s not surprising that leadership definitions abound.

Most definitions of leadership are likely to combine a number of words or ideas, such as: vision; belief; action; motivation; inspiration; intuition; or charisma. But how many would use the words legacy or loyalty?

Thinking about leadership in these terms implies an upside-down interpretation of what it means to lead.
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