In the current challenging trading environment, many firms are asking more and more of their team. As such, having an effective reward strategy has never been more important.
COVID-19 has tested every business and challenged all of us to come up with new ways of working. Spare bedrooms have become home offices, workers have had to balance childcare
and home schooling with their work commitments, and those who live
alone have had to deal with loneliness and its effect on their mental health.
Surviving a tough environment has also meant that businesses have had to find new ways to motivate and retain their teams of people.
A huge percentage of the workforce has had to deal with increased stress, anxiety and adapting to a new way of working. Many businesses have asked more of their people, in order to survive the COVID-19 crisis and a high percentage of employees have reportedly been working longer hours as the line between work and home life has become blurred. As such, businesses have had to re-think how they motivate their people and that is where a reward strategy comes in.
A reward strategy should consider the strategic objectives of your firm, what your people want, what is affordable and the structures needed to achieve this.
Develop your people
Providing personal and professional growth opportunities is an essential part of a reward strategy. Good people stay with businesses that provide them with training and development opportunities.
Benefits
Cash is important but so is a good benefits package. Benefits can include generous annual leave entitlements, medical cover and a good pension scheme. Over and above that, more and more employees value flexibility – whether that is the option to work remotely, compress 5 days work into 4 and so on.
COVID-19 has proved that remote working can be just as productive as working from the office. Those firms that continue to offer flexible working arrangements and embrace agile working, post COVID-19, will retain the best people.
Be different
The very best firms offer rewards that are a little bit different. This doesn’t have to be expensive. For example, you could offer charity volunteering opportunities or Friday morning yoga classes for staff. Regardless of the elements you choose to incorporate into your reward strategy, the key is to ensure that the team feel valued by the firm.
Need more information?
Have you created a reward strategy? We offer a wide range of services and our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.
Our fantastic team at A&C Chartered Accountants are here to help.
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