Imagine an office without its employees.
What is your picture like? Does it contain dark rooms, empty chairs, pin drop silence and idle computers? Is it something like when you reach your office an hour early?
That is a picture of a business without its employees. All the resources and plans are utilised and executed by the human factor of any company. They form the backbone of a business. Your funds and computers would not hold any value if your staff personnel is absent. Also, your employees are the last ones to stay when you lose all your money and business fails.
That is how important your employees are. And thus it becomes even more vital to make sure that they stay. Hiring and keeping your staff happy is a crucial duty of every employer. This can be achieved by offering them suitable and attractive benefits.
Provisions have a great role in retaining employees.
While designing the contents of the payroll letter for your business, put yourself into the shoes of a hired worker. When you appeal to the comfort zones of a person, s/he would definitely love joining the work place and stay there for long.
Offering relaxations like flexible work timings, work from home clause, sufficient leaves, loan on pay, etc. are ideas that provoke an employee to continue at a firm. The level of flexibility and comfort offered at a work place plays a great role in providing job satisfaction.
Not just that, having a strong employment contract also triggers performance. A happy employee will be more productive and engaged with your business than the one who drags him/herself to work every morning. The results from your staff are in direct proportion to their level of comfort and satisfaction at work.
Money is the biggest driving factor.
In whichever way you would like to put it, the crux of every employment is money. When employees find their monetary needs being met, they are more enthusiastic towards their work.
Have you noticed how sincerely your entire staff behaves during the time of appraisals? Don’t you find them more dedicated and serious about deadlines and productivity around that time?
A person works for financial stability. The monetary needs of a person motivate him or her to reach their work place every morning. There can also be circumstances in one’s life when income falls short of expenses. An employee can also be in need of immediate funds during emergencies.
Here is when you can be of great help to them. Be financially available to your employees. Create provision in the employment contract for taking a loan against future salaries. People would be reluctant to leave your firm when they find financial reliability in their employment.
Providing loans against salaries is smart.
There are two ways of doing this.
- You can either take out funds from your business,
- or you can take a 12 month payday loan.
The first option allows you to simply use the funds in your pocket. You lend it to your employee, and get it back in parts by deducting a part of his or her salary.
The second option involves applying for a loan from a direct lender in the UK. A 12 month payday loan essentially means that you repay the loan over a period of 12 months with scheduled repayments on the day your pay cheque arrives. You take the loan on your employee’s behalf, give the money to him/her and the monthly deduction from the salary goes into repaying the instalment amount for the loan.
This option benefits you in three ways.
- Your employee is able to work out the financial emergency.
- You can build up your credit score.
- You would not have to use your own finances.
Maintain caution while being humble.
Along with the clause of lending money, ensure adding a condition that the employee would not be able to resign till the entire loan period ends. This is necessary for your financial security. If the employee leaves midway, you would lose your money.
If you had opted for the second choice above, defaulting on loan would deplete your credit score and can have serious repercussions. While it is good to help others, make sure you are not risking yourself in the process.