The Australian economy survived the global financial battering last year and is now picking up pace again. All of a sudden, unemployment is dropping to record lows again and your staff are feeling much more confident about the employment market.
And so for the business owner, it’s back to the same problems of over a year ago – how do you find skilled staff and retain them?
Here are some ‘non-pay-rise’ ideas..
One of the most important ‘non-cash’ strategies you can put in place are employment arrangements that are built around work/life balance for the employee. Perhaps it’s not something you can achieve with every staff member you have, but could be well worth considering for your most valuable employees. Consider allowing important staff to work from home one day a week, or implement flexible working hours.
Everyone wants recognition – even if it’s for performing duties you consider to simply be ‘core’ to their job description. By acknowledging the efforts of staff, you create a culture of appreciation which flows through to the way staff interact with customers. Many organisations have monthly awards which can work well, but they don’t have to be formal to be effective. What’s more, the reward gift does not need to be worth a lot of money to be effective, often it’s simply the act of being recognised that provides the greatest traction to retaining staff.
Allowing your staff to embrace their creative side regularly can have a significant impact on their motivation levels and productivity. Everyone likes to be able to express new ideas in an environment that embracing innovation. And allowing staff regular time each week to step back from the day-to-day has been proven to have the potential to add a lot of value to your business.
Few things are less motivational for staff in an economy with boundless job opportunities than being in a dead end. Be proactive and design career paths for all your staff. These don’t all need to lead to being the owner of the company (clearly :>), often they can start by broadening the skills of the employee in new areas. Staff that feel like they are expanding their resume are less likely to consider moving jobs.