If you are employing a large number of working parents, providing subsidized daycare may be a wise choice. There may be other small business owners nearby who would collaborate on providing these services.
You can arrange for on-the-job training when an employee joins your company. Or you can offer training or workshops every six months to a year. Many employers choose to have their employees take online workshops or courses in your business or industry.
Even if you already have retirement and health plans in place, or match your employees’ contributions to their retirement plans, there are additional ways that you can provide employee incentives. You can offer a profit-sharing plan. Basically, that means that you pay a certain percentage of your company’s profits to your employees. If your profits are less than you anticipate in any year, or if you need the money to expand, you can always skip a year.
Many companies offer stock options or stock appreciation rights to their employees. If the company goes public or is sold, the employees share your financial success. You’ll need professional help to set up a plan such as this, but you may find it’s a great loyalty builder.
Finally, you can create an employee stock ownership plan (ESOP). With an ESOP, you create a trust fund for existing shares of stock and establish individual ESOP accounts for your employees who choose to participate in the plan. You contribute shares to those accounts based on a formula you set up. You can use an ESOP to give your employees bonuses and incentives or as part of a 401(k) or other retirement plans.
As employment rates steadily increase, there’s increased competition among businesses to find and keep employees. Added incentives are often a good idea if you want to keep your essential employees.
Many companies have created mentor structures, to help younger employees learn the ropes and get advice from their older, more experienced colleagues. You can implement this type of structure by matching up two people in the same division of your company, one with many years of experience and perhaps someone you’ve just hired. It’s smart to encourage these mentor groups to meet often.
Although it may be costly, it’s important to keep the technology in your office state-of-the art so employees can be as productive as possible.