Five ways to reward your staff which doesn’t cost a lot

by | Relationships, What We're Talking About

A great workplace is a high performing workplace that attracts, retains and motivates the best talent – which is particularly vital when there are candidate shortages such as now. 

In Australia the average cost of recruitment for a position is $21,000 depending on the role. There is also a cost for the time spent training (if required) as well as the intangible assets such as the lost relationships, business knowledge and goodwill.

Here are five ways to reward your staff which cost less than recruitment!

1. Offer 12% superannuation

Great workplaces offer competitive and fair remuneration, and opportunities to earn more or other rewards based on performance. 

In Australia the minimum superannuation employers must pay each eligible staff member is 10.5% of their ordinary time earnings (OTE). However, it’s scheduled to progressively increase to 12% by 2025. One potential idea is to offer 12% superannuation now for eligible staff members.

2. Offer an extra week’s annual leave

Offering an extra week’s annual leave enables eligible staff members to recharge their batteries and could mean the difference between attracting and retaining staff members. A happy, rested and productive staff member is also good for your practice and patients.

3. Surprise and delight gifts

Everyone loves to be surprised by a form of gratitude. From time to time give your staff members an unexpected (but meaningful) gift for no reason at all. Gifts can include food items, movie tickets, flowers, opportunities to finish early in quiet times and thoughtful items.

4. Value and reward contributions

Effective leaders show they appreciate and value the team and their contributions. They celebrate success often, and praise, recognise, and reward their team in a variety of formal and informal ways. They never miss an opportunity to say ‘thanks’ for the teams’ hard work.

5. Offer challenging and meaningful work

It’s important to keep your team’s work interesting, challenging and meaningful, because consistently, top performing teams say that these are the attributes they seek in a job.