Recruiting, motivating and retaining able staff is a key preoccupation of many businesses. Getting the rewards mix right is an important ingredient in successfully managing such a workforce. Remuneration menus made up of pensions, life insurance, tax-efficient bonuses and benefits are common in well-managed businesses. But they require careful planning and selection depending on the type of business and staff involved. What motivates and retains staff at an internet start-up business or a bioscience research operation may require a different balance than at a manufacturing business with a substantial production line workforce.
If staff are the key to successful businesses, then well-founded and managed reward strategies are vital. Taking the right advice early on means the right moves can be made at the outset without having to make them as the business goes along. The result should be that you have contented and efficient staff who are confident that they are getting the most appropriate deal for their time and labour, and are incentivised to stay loyal to your business.
