When keeping employees happy, it doesn’t just come down to the dollars and cents

Answer honestly, do you have a structured, strategic approach to your remuneration and rewards programme within your business? If you answered no, then you are not alone, many small to medium sized businesses don’t. This month we look at considerations when creating remuneration packages for your employees and address how reward and remuneration tie into retention. Get it right and your business will pay a fair rate to achieve your business outcomes. You’ll also have motivated employees who will feel they’re being appropriately rewarded for their contribution to the business goals.

This month we are also introducing a new team member, giving out another prize valued at $650 and as always please remember to vote on our poll, your votes count!

Introducing Karen Katavich

Karen joins our team this month. She will be working one day a week until the end of the year and then hopefully staying with us next year to complete her Internship. Karen is currently completing her Masters degree in Industrial and Organisational Psychology at Massey University. Karen will be working on projects relating to our e-learning programme, employment workshops and psychometric assessment and interpretation.

Read more about Karen

Reward and remuneration

Salaries and wages are one of the biggest costs for employers. Getting the balance right between paying a competitive rate and getting the best people for your business is a challenge – read more about strategies which may be appropriate for your business and your employees from flexible benefits to variable pay programmes and intrinsic rewards.

Remuneration, Reward and Recognition

When establishing or reviewing your pay structure, perhaps take the following pointers into consideration and ask yourself, just what is our remuneration system aiming to achieve?

Remuneration Review Considerations

Balanced Scorecard Basics

A balanced scorecard approach is essentially a performance measurement framework that adds strategic non-financial performance measures to financial metrics to give a ‘balanced’ view of your business performance. A thought for consideration – whilst it is easy to set financial targets for sales teams, how could you measure the performance of non-financially contributing team members to determine the value of their input? How also could you measure this through remuneration, reward and recognition?

Balanced Scorecard Basics
 

Approachable Lawyer article

Are you failing to attract the right people into your business, or are you losing valued employees to your competition? The Approachable Lawyer looks at the importance of rewarding your employees appropriately and how to go about it with the aid of Kiwisaver.

How to use Kiwisaver to get ahead of your competition
 

Poll

Last month we wanted to know ‘How much per employee did you invest in training and development in the last 12 months?’ 10% of respondents said $0-100, 40% said $101-250, 40% said $251-500, 5% said $501-750 and 5% said $751+. Whilst there is quite a variance between the dollar ranges it does demonstrate that employers are aware of the value and need to invest in their employees. Not least to ensure that they have the skills to perform their daily function; as well as establishing skills and experience which will aid their development within the business.

This month we want to know ‘Do you offer benefits to your employees in addition to their base salary?’ Yes or No

Pod’s Poll
 

Prize

Last month’s winner prize of the Occupational Personality Profile was Karen Knighton of Karen Knighton Photography.

This month the prize is the FutureSelves career development questionnaire. To go in the draw to win, just email info@podconsulting.net.nz with the words ‘Where will the future take me?’ in the subject line. As well as undertaking the assessment you receive full verbal feedback.

FutureSelves is a computerised questionnaire which focuses on the concept of ‘possible selves.’ These are the thoughts, feelings, hopes and fears that a person has about themselves in the future. It is an holistic tool which helps people identify their future in terms of career options, values and beliefs, skills and interests, relationships and lifestyle. The graphical report provides the basis for discussion and coaching and the creation of an action plan which focuses on breaking down barriers and realising goals.