As an entrepreneur, you likely rely on employees to keep your business running smoothly, and so you want to keep them happy. But what if you can't afford to pay them more? Small business owners often have limited resources, so it can be hard to come up with the additional funds to round out employees' paychecks. And with the labor shortage, it is even more important than ever to incentivize good workers to stay on.
Offering Bonuses
Even if you can't commit to paying workers more with each paycheck, you can offer one-time bonuses for reaching certain goals. These might include hitting certain sales figures or engaging with more customers. Offering bonuses encourages workers to focus on results, not just getting the job done and going home at the end of the day. There are plenty of places to find funding for a bonus offered to your employees. One option is to take out a small business loan. Because of the flexible sizes and repayment options, you get as much or as little as you need to cover the costs of these bonuses. Many even offer additional support for small business owners.
Offering More Flexible Work Hours
Many times, employees enjoy having the right work-life balance. Consider being flexible in when they complete their work. You might give them the option of working a compressed schedule so they only need to come in four days a week. Or you might allow them to reduce their hours each week. Instead of a 40-hour work week, allow them to work only 30 or 35 hours a week if they can still get all their work done on time. This also can help improve workplace communication and encourages them to be as efficient as possible.
One option is to offer the ability to work remotely. If an employee no longer has to commute to the office, they will save money and come out ahead. And if they are saving time, they may have more time to start a side hustle, sleep in, or spend more time with family, which can all lead to increased satisfaction. If you are concerned about them being accountable, consider creating a contract. You might specify that they need to regularly check in throughout the workday or come into the office every now and then. The contract also might specify allowed locations for telecommuting, such as their home.
Offering Professional Development Opportunities
There is always the potential to grow your business, even if you can't offer a higher salary. The best workers look for learning opportunities wherever they go since these can improve their work performance while making them more likely to be hired on at a great company. Hosting your own learning opportunities can improve both morale and efficiency.
You have plenty of options, ranging from in-person to mentoring to online courses to job shadowing to professional conferences or meetings. You can schedule these learning opportunities during slower times. This will prevent lost productivity during busier times while giving your workers something to do during their down time. This investment can benefit your company since you will have more of a competitive edge.
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