“The CIPD’s latest outlook report does not make for pretty reading for many employees who are, quite reasonably, hoping for increases to their pay before the end of the decade.
If bonuses and pay rises are not an available option for businesses in the current economic climate, it’s crucial that employees are supported and receive recognition for their contributions in other ways.
The key to rewarding staff lies in the overall employee value proposition (EVP). This means empowering employees and providing recognition for their contribution to the business, and then incorporating this into a comprehensive benefits package. Benefits packages should be personalised to employees, taking into account individual circumstances and lifestyles, with benefits such as flexible-working, healthcare and childcare support where appropriate.
Whilst salary is always going to be important, employees also want to work for a company that considers their personal goals and aspirations. Companies that recognise employees’ efforts through specific, personalised rewards will not only make staff feel valued and incentivised, but will also build a reputation as a top workplace, which will further reduce the need to depend purely on pay rises to reward, recruit and retain key staff.”