Small firms 'can use cost-effective employee rewards'
Monday, 8 February 2010
Small companies can still practice
staff retention despite tight financial conditions, an expert has claimed.Charles Cotton, performance and reward adviser at the Chartered Institute of Personnel and Development, pointed out that many large firms focus on financial rewards such as share plans, occupational sick pay and pensions to boost their employee retention efforts.
He also explained that many smaller organisations could find it hard to use their expensive methods to hold onto their staff, but claimed they can still offer rewards to show their workers that they are valued.
"The smaller and medium-sized employers don't have those sorts of resources, so they have to focus on the more relationship-building type of rewards, such as a Christmas party or a celebration to recognise achievements," the expert commented.
Mr Cotton added that methods such as this allow firms to show they appreciate the hard work their employees put in, without incurring a large expense.
Recent research from uSwitch.com found that only 57 per cent of UK employees have access to free tea or coffee at work, while 32 per cent claim small perks such as these help to boost morale.
