31: Innovative Employee Rewards Beyond Pay Rises
Update: 2024-06-17
Description
Thinking of raising salaries? Wait! There are smarter ways to reward your team. Unlock the secrets to employee satisfaction beyond paychecks!
In this episode, Sally Preston dives deep into the complexities and strategic opportunities of employee remuneration. With the end of the financial year approaching, business owners are often focused on payroll and benefits. But is a pay rise the only way to reward your staff?
In this episode, Sally Preston dives deep into the complexities and strategic opportunities of employee remuneration. With the end of the financial year approaching, business owners are often focused on payroll and benefits. But is a pay rise the only way to reward your staff?
Sally explores alternative incentives that could have a more significant impact on both your bottom line and employee satisfaction. From understanding the hidden costs of salary increases to leveraging fringe benefits and professional development, this episode is packed with practical advice to help you make the best decisions for your team and your business.
In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:
- Why pay rises are essentially fixed costs and their long-term impact on your business (01:30 )
- Exploring other benefits that employees might value more than just a pay rise (03:20 )
- The taxable nature of pay rises and their real impact on employees' net income (05:15 )
- How flexibility and other non-monetary benefits influence employee satisfaction (07:00 )
- Understanding the net benefit to employees after tax and other deductions (09:10 )
- The hidden costs of fringe benefits and their impact on your bottom line (11:00 )
- How reportable fringe benefits can affect employees' tax liabilities and other financial obligations (14:10 )
- Examples of fringe benefits and their implications for employees (16:20 )
- How employee share schemes can serve as a long-term incentive and their tax implications (19:00 )
- The value of investing in your employees’ growth through professional development and mentoring (21:00 )
- Ten creative ways to reward employees that go beyond traditional bonuses and salary increases (23:00 )
By understanding the true cost and impact of different types of remuneration, you can make more informed decisions that benefit both your business and your employees.
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