What’s the best way to incentivise staff in tough times?
Dynamic Business is bringing you our top stories from 2012. Here’s some great tips from October on how to keep your staff happy when you don’t have the cash for bonuses or pay rises.
Great staff are hard to find and even harder to replace. How do you keep them happy when you can’t really afford to give them more money? If you’re struggling to think of some creative ways to reward your staff, read on.
A couple of years ago, one of my businesses was going through a tough stage. We had plenty of clients who were loyal fans of our company, but with no money to spend. I knew it was just a turn in the business cycle and that if we could hang in there the business cycle would change and these clients would be ready to spend again.
It was a case of batten down the hatches and contain costs wherever I could. Our highest cost centre was our payroll. We had a great team that we had spent years putting together and they were very well paid. I didn’t want to lose any of the great staff I had but could not afford to give them a pay rise as they had come to traditionally expect.
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