I’m often asked by Agency owners, how can they reward their employees for a job well done. Pay rises and bonuses are the obvious answers, but they don’t always have the desired motivational effects.
I don’t want to spoil the punchline for those who are going to read it but to summarise, he believes that Purpose, Mastery, and Autonomy are the 3 things that drive people to do a better job. There is, of course, an additional factor of simply saying thank you to members of your team that has gone above and beyond. Here’s 8 ideas to reward your team, without smashing the business piggy bank:
- Get them a gift that means something to them. A cash bonus paid into their account will probably get spent on paying off the VISA bill or similar, and will soon be forgotten about. Buying a personal experience will be remembered and cherished more in the long term. At Accountancy Extra, I have a little book of experiences that my team would enjoy but probably wouldn’t pay for themselves. It means you have to get to know your team really well though!!
- Incremental holidays for years service – How about rewarding loyalty by increasing holiday entitlement for long-serving team members. There’s no cash outlay for you and even though they are working fewer days, they could be more productive and motivated
- Team Away Days – How about taking the team away for the day, with some team building and business development angle, but with some fun attached. We’ve seen agencies go on trips to European cities as rewards
- Monthly team lunches – These are a great way for your team to bond and perhaps collaborate more
- Allow them time to work on their own projects – Some of the fastest growing agencies we know invest heavily in their teams development (Dan Pinks Mastery point). One great way of doing this to allow your team members some time each week to work on their own projects. I’m not talking here about commercial projects, but projects that enhance their skills needed for work
- Provide them with a work mobile – There’s a tax break for you here and, as long as they repay the cost of personal calls, there no tax liability for them
- Set up a staff suggestion scheme – There are two types of reward schemes available, tax-free to employees (and tax deductible for the company). Encouragement schemes for good ideas are tax-free up to £25. Ideas that will make the business money are exempt from tax up to £5,000. The absolute amount tax free will depend on the value of the ifdea to the business.
- Pay for their health checks – You can cover the cost of annual health checks, such as a visit to the opticians
Some of these ideas will need you to consult your accountant first as there could be tax implications, especially if implemented incorrectly. So feel free to give us a call if you’d like to explore any of these ideas further