Compensation is a tough discussion for both employers and employees.
For many small business owners and well-meaning managers, a pay increase is not the problem, per se. Most of them generally want to reward their deserving employees by paying them more generously. However, sometimes, you just can’t afford to.
But don’t fret. If you can’t afford to raise your employees’ pay yet, there are alternatives. You can still reward your employees without sacrificing your company’s financial stability.
Let’s take a look at four other perks you can offer:
Give a One-Time Bonus
If a permanent salary bump is out of the picture, a one-time bonus is a good alternative. Although it’s not a long-term solution, it can boost your employees’ morale and their bank account.
It’s also a good compromise and shows that you’re sincere about rewarding someone’s hard work – despite a tight budget. Most importantly, it isn’t a gesture that the employee on the receiving end would forget anytime soon.
Offer Flexible Hours
Who says rewards should always involve money? If you haven’t got the budget for a one-time bonus, you can offer something more valuable – more time.
For instance, you can grant your rock star employee a flexible schedule, such as a four-day work week. Here, instead of working eight hours a day for five consecutive days, s/he can opt to work for four 10-hour days instead.
Another option is letting them clock in at a reasonably later time (so long as they finish their tasks or hours for the day, whichever is more appropriate) so they’ll have time to do important errands at home.
Compared to a one-time bonus, a flexible schedule can sometimes be more enticing, especially for working parents.
Allow WFH Days
There’s a reason why many companies around the world now offer remote work as a signing bonus.
Yes, you can enable WFH days in lieu of a raise. Not only can it provide your employees with a healthier work-life balance, but they’ll also save a pretty penny on commuting expenses or overpriced lunch options at work.
Which, in turn, might actually feel like a raise since they can have more money leftover by the end of the month.
Give More Paid Time Off
Although we still can’t travel as often as we’d like, extra paid time off will still make anyone’s day. The isolation can breed cabin fever, even in the most introverted among us. Having an additional day to unwind or two can be just the ticket.
Furthermore, the extra time off can end up benefiting you as well. Refreshed and re-energised employees usually come back more productive. Talk about a win-win.
Appreciating your employees can be done in a variety of ways. Regardless of what you choose, what matters is that you go about things sincerely.
If you need assistance in coming up with the perfect reward and compensation plan, we’ve got you.
Remote Staff has been helping thousands of AU SMEs and entrepreneurs build their dream teams for the past 15 years and counting. Aside from helping them find, hire, and retain talented remote workers from the Philippines, we also assist with onboarding so you won’t have to do it alone.