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It’s (Not) All About the MoneyRethinking Employee Rewards & Benefits

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It’s (Not) All About the MoneyStill in the midst of a corporate cash crunch, a lot of companies are looking todo more with less when it comes to salaries.It’s (Not) All About the Money

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It’s (Not) All About the MoneyPost-recession boosts are improving, though at an incremental pace:According to Hay Group, salaries will increase by 3 percent this year, “The 3percent increase holds fairly steady across most industries, except the oil andgas and luxury retail sectors, which report 3.3 percent and 3.5 percentmedian increases, respectively.”When you factor in inflation, that bump in pay doesn’t amount to much …It’s (Not) All About the Money

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It’s (Not) All About the MoneySo if you can’t reward your employees with higher salaries, how can youreward them?It’s (Not) All About the Money•Non-Cash Benefits•Variable Pay

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Non-Cash BenefitsWhat are they?Non-cash benefits are things like merchandise, travel, gift certificates, giftcards, or even a simple “thank you” – and are a great way for companies to“do more with less.”(Source: Madison Performance Group)It’s (Not) All About the Money

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Non-Cash BenefitsOne of Minnesota’s largest employers has been known to give a turkey toeach of its 6,000+ employees for Thanksgiving …It’s (Not) All About the Money

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Non-Cash BenefitsAnd even extra PTO can be used as a non-cash benefit.After all, an extra week of vacation equates to about a 2% raise.(Source: Businesspundit.com)It’s (Not) All About the Money

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Variable Pay PlansWhat are they?Variable pay plans, or performance-based award programs, requireemployees to earn the reward.They may or may not include giving monetary rewards; the key difference isthat variable pay fluctuates over time and isn’t fixed or guaranteed.It’s (Not) All About the Money

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Variable Pay PlansSome of the most common performance-based programs are:• Pay linked to output – for example, pieces produced or items shipped• Individual or team awards – given upon achievement of pre-set goals• Share in company’s profits – employees are given share in company profits• Sales commission – salespeople are paid commission based on quotaachievementIt’s (Not) All About the Money(Source: Compensationcafe.com)

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Rethinking RewardsAfraid of these alternatives?While cutting cash out of the equation might seem like a risky move, manysources say that an employee’s happiness with his job doesn’t rely solely onthe numbers on his paycheck. Don’t assume money is the only motivator.It’s (Not) All About the Money

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Rethinking RewardsPeople want more out of their job:• Rewarding work• Meaningful relationships• Autonomy• Acknowledgement(Deloitte – Cash or People? Are People Really Your Most Important Asset)It’s (Not) All About the Money

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Rethinking RewardsAnd when you think about it, giving an employee the recognition andresources needed to enjoy and succeed at his job is one of the best rewardsyou can give him.It’s (Not) All About the MoneyMore information:www.dohertystaffing.com