Corporate gifts can be a great way to acknowledge the contributions and achievements of the women in your professional network. (Representative image: Shutterstock)
While giving an employee a raise is sure to put a big grin on their face and urge them to stay with a company. When you are unable to give your staff a raise, you could do the following
While offering a raise is sure to bring a bright smile to an employee’s face and make them motivated to stick to a firm, that’s not the only way to keep them cheerful. The productivity of any company will be boosted if the firm makes it a point to encourage work-life balance and offer important benefits. It can sometimes become difficult for a company to offer a salary raise to the staff, it is at such moments when these additional bonuses or benefits can help keep the workforce motivated. Here are things you could do when you can’t give a raise to your employees:
Paid Vacation
Paid vacation helps employees to strike a balance between their work and personal life. It offers a window for the employees to accommodate personal and family commitments. They get to disconnect from demanding and stressful work. Paid vacation offers employees an opportunity to rest, relax, and rejuvenate before coming back with a fresh perspective, thereby boosting productivity.
Other benefits with health insurance
Most companies provide health insurance, but one can offer an extra level of benefits other than the ancillary ones involving dental, optical, and wellness check-ups. These can include providing life and disability insurance, gym memberships, transit benefits, daycare centres for child welfare, and more.
Retirement account
Saving money early enables one to enjoy a greater source of income during the retirement phase. Offering retirement accounts and plans serve as a relief on the employees’ income source it allows them to secure a fund for the future.
Bonus
Bonus pay can improve the morale of the staff and result in boosting their productivity and motivation. Adding bonuses to performance encourages employees to reach their goals.
Flexible working hours
Adjusting work hours can allow the staff to focus on other important personal events like attending children’s meetings, and school functions; dropping and picking-up spouses or kids from work and school.
Work-from-home opportunities
Providing work-from-home opportunities at least once or twice a week saves money on transportation and even daily lunch. It also reduces the travelling time allowing the employees to enjoy the company of their family for long hours.
Transportation stipend
Offering a transportation stipend can take away a major chunk of travel expenses from the staff’s budget.
Extra overtime pay
On hectic days, employees have to work overtime to meet up with the company’s target. Offering extra pay for their extra work can serve as a motivation to perform well after shift hours.
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