Do You Offer Financial Incentives To Your Employees?

[selfemployed]

I am interested to see if any members on here offer financial incentives to their employees?

 

[PapaGolf]

I don't but would like to one day offer a profit share or some kind of staff ownership scheme. I'm my business, staff are fundamental to our success and anything that can make them feel more "invested" in the business is a good thing.

 

[MarkB]

I totally agree and it does encourage employees to see your company as their long term career. I also believe that for every pound you offer in incentives you get a lot more back in productivity benefits - so a win win for everyone.

What kind of business do you have @PapaGolf ?

 

[Businessman]

I don't but would like to one day offer a profit share or some kind of staff ownership scheme. I'm my business, staff are fundamental to our success and anything that can make them feel more "invested" in the business is a good thing.

It's good to hear of a business that has such people-oriented objectives for the future - and is by implication in it for the long game (no pun intended). We need more of this on the commercial landscape.

 

[MarkB]

Interesting question - should your customers benefit in a similar way from your financial success? Or will they naturally benefit from better services, greater value for money, etc?

 

[Businessman]

Success shouldn't just be measured in terms of finances. Stability, reliability quality and integrity are more relevant factors to everyone who interacts with the business, as these are socially progressive factors. And, if applied in a non-cynical, non-exploitative way, these are a counter to the tawdry, destructive nature of much of what's out there; and therefore not only a selling point, but a buying point.

 

[MarkB]

I agree @Matt Quinn although it is unfortunate that we live in a world where the success of a business is measured purely on the level of profits. People forget longevity and realibility often preferring to maximise income in the short term, blissfully unaware of the potential long term consequences.

 

[PapaGolf]

What kind of business do you have @PapaGolf ?

I'm in IT consultancy with 8 staff. We sell our time so have no IP or a gadget rolling off a production line. I'd be totally lost without my staff TBH. I've always put the welfare of my staff before clients. Clients are easy to replace...good staff aren't!

 

[MarkB]

Hi @PapaGolf

I helped set-up a catering business a couple of years ago and we took over a tea-room with 4 members of staff. Between sickness, holidays and rotas it took more of my time than it was worth and we ended up giving it away. In the future I would aim to involve staff more in the running of their branch, make them feel a real part of business and encourage a long term career with the company. If employees simply see their jobs as a means to an end there will always be an element of us and them which helps nobody.