The practice of giving gifts to colleagues and clients is becoming an increasingly frequent occurrence in the workplace.
Although this activity is predominately centred around the Christmas holiday period, it is also common to see gifts distributed at other times of the year in celebration of birthdays, work anniversaries or the closing of an important business deal.
With this in mind, there are several factors employers must think about the next time they consider giving a gift to someone at work. (more…)
For many companies, staff retention is a key issue. Giving employees a slice of the business can foster a sense of ownership and can be a key element in retaining and rewarding them.
One of the most widely used methods of achieving this is the use of Enterprise Management Incentive (“EMI”) Share Option Schemes. EMI Share Options are significantly more generous than ordinary share options from a tax perspective so can help you attract and incentivise key staff, in a very tax-effective manner. We asked John Leyden FCA, to explain how.
Starting a business often consists of putting out fires. Despite all the planning and contingency scenarios, you may have drawn up in preparation, you usually have to rectify things that have gone wrong before you can focus on what’s right.
As you move past the start-up phase, you’ll want to flip that equation. Then, as you begin to identify what’s working well, look at the people on your team who are getting that good work done – and thank them for it. (more…)
Your people are one of the most powerful forces available to you in realising your goals and ambitions, and the way you culturally think about your people strategy is critical to your commercial and business success.
Getting the most out of your team is pivotal to a thriving business, so motivating your employees isn’t an optional extra.
The key to really energising your staff is finding their motivational triggers. Best-selling author, Royston Guest, explains how you can do this.
As salaries, working hours and development opportunities are becoming more aligned from business to business, offering staff perks, benefits or incentives is a way of attracting, and retaining, talent.
Glassdoor, the career site, say that 57% of all workers rate perks and benefits as one of the top factors they consider when deciding whether to accept a job offer.
So what perks can your business offer to help you attract and retain staff, and what should you watch out for? (more…)
Every 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.
As a business owner, you are always looking for greater efficiencies, more productivity and some general cost savings.
One of your key jobs is to make sure you are always looking for ways get your business running more smoothly and more profitably, but before you jump in and make wholesale changes to the way your business is run; ask yourself these 5 key questions; (more…)
It has been proven that the happiness of your employees can have a huge impact on their productivity. In fact, job satisfaction can lead to your workers being 12% more productive, according to a study carried out by the Social Market Foundation and the University of Warwick.
One of the best ways to increase happiness and morale throughout your business is by implementing an employee engagement scheme.
Here, Steve King, Director of Gifts International, explains how you can help your staff to be happier and more productive with an employee engagement scheme.
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;
Recruitment can be a tricky process for any business. Figuring out where to source candidates, considering what to include in the job ad, and trying to decide what salary bracket should be offered can make the process more delicate than you may initially think.
Here, Shweta Jhajharia, of The London Coaching Group takes a fresh approach to recruiting for your small business. It’s counter-intuitive, but she reveals how advertising a job with a lower salary can actually attract more applicants for your vacancies, and how you can use this approach to attract high-potential, ‘ugly ducklings’ to your team. (more…)
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. (more…)
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. (more…)
One of the big problems for businesses today is that fewer than 20% of employees are fully engaged at work. This is, of course, a huge waste; for the individual, the team and the company.
As a company, you pay for 100% of employees agreed work time. If your employees are not fully engaged, this means you are only getting a small part of their paid-for capability – and they are not fully valuing their own time.
So how can you improve employee engagement in your business and what benefits will it bring?
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? (more…)
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? (more…)
Bonus payments may have been a bit thin on the ground this year. Hard pressed businesses, struggling to meet existing commitments, may balk at the prospect of parting with cash. However, the benefits of having a loyal and satisfied staff may prompt them to consider alternatives to the cash bonus.