Tip 9: Look after your people and they will look after your business

They’ve supported you through one of the most difficult years in living memory. They’ve worked harder than ever, possibly for less money, and put in the hours when required. They may have even seen some of their colleagues been made redundant.

They of course are your employees. You would probably not still be in business without their efforts and commitment, without their passion even. 

But now things may be looking up what are you going to do for them. Pay rises? Hmm, may still be difficult in the current climate. Bonus schemes? Possibly, even though they have been somewhat discredited and can result in a short term approach. Tax efficient benefits? There are still some left, such as child care vouchers, where the value gained by the employee is greater that the cost to the employer, but they may have limited appeal. 

How about some kind of employee ownership scheme? This has the advantage of being medium to long term, and, properly structured, can be highly tax efficient. The fact that your employees can now share in the future success of the business, including any exit sale value, can be highly motivating.

In reality you may use of mix of the above, but what ever you do, make sure that your reward systems are aligned with the aims and objectives of your business, and that their benefits can be clearly seen and understood by your employees.

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