Staff Incentives: Can They REALLY Drive Profits?
When it comes to staff incentives, no matter the industry or the size of a business, happy and engaged employees are a huge asset. We are all in agreement with this right? Making sure your full-time, part-time and even contract employees are happy and engaged can be tricky, and the repercussions for attrition can be dismal. Losing a good employee can cost your company money, require months or longer to rehire and retrain a replacement (assuming you can find someone qualified), affect the company culture and morale, decrease productivity, lessen the quality of customer service and impact client relationships.
According to a survey by human resource firm Investors in People, one in four employees feel unhappy at work compared to one in three who said they did at the same point last year. The poll of 2,000 people found that, of the people who are considering leaving their current role, 49 per cent say that they are thinking of doing so because of poor management – making that the most popular reason for a potential move.
Pay is also a driver of unhappiness in the workplace, with 40 percent citing it as a reason for wanting to leave. Some 39 per cent of people who say they are considering leaving say that they feel undervalued, and 30 per cent say that they lack career progression opportunities
Now it isn’t all doom and gloom as savvy business owners like are now looking at alternative ways to keep their employees loyal and engaged. The BBX community have certainly perfected a solution to this challenge while at the same time promoting growth within that business community.
Sunnybird PR are a perfect example of using the BBX community to incentivise your staff. Taking rewards such as botox sessions, transport and more, they’ve really made it work for them. See their article in the Daily Mail here.
An important piece of the engagement puzzle is incentives. Now don’t immediately think ‘Oh no, how much is this going to cost?’ It isn’t in the ‘regular’ sense of the word. BBX can organise your incentives while also promoting, marketing and acquiring new clients for your business. Sound too good to be true?
Modern generations have been incentivised since day one. Think about it: When you were younger, did your parents reward you for earning A’s in school? And if your grade began to straddle the line between an A and a B, did the thought of the reward motivate you to push a little harder and perform better? As you’ve grown into an adult, odds are you continue to expect incentives for accomplishments, but now the onus of bestowing those rewards has shifted from your parents to you as an employer.
Let’s look at an example, John owns a busy city restaurant. His staff include 2 chefs, 8 waitresses, 2 cleaners and 1 office staff. His biggest turnover of staff is his waitresses even though he pays the going rate of pay, feels his restaurant provides a pleasant working environment. His BBX manager works with John to implement an incentive perks for all his staff to keep them engaged and loyal. The incentives vary according to the preferences of his staff to include spa days, race car driving, hotel stays and family days out
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What’s the best part? John uses his restaurant’s spare capacity to pay for these incentives. What is spare capacity? Easy, it’s empty seats at the restaurant that the BBX community will utilize and quite possibly be using within their business for staff incentives!! So, the wholesale cost of the food eaten by new customers pays for your happy staff. With an immediate credit line open to your business, you say start by saving money, keeping your hard- earned cash within your business, incentivizing staff and working within a whole new business environment.
If you are an employer that would like to promote engagement and loyalty within your place of business, or even find out how this could work for you, get in touch for an informal chat on 0333 400 2014.
Alternatively, you can go to our website at: https://www.bbxuk.com
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