For several years running, most businesses around the globe have put a freeze on pay rises and benefits packages due to an uncertain economy. Although many financial forecasters say the recession is over, there is still some amount of doubt that has only increased since the historic Brexit referendum of late June in the UK that is sending ripples of panic around the globe. As the GBP fell to levels not seen in almost 40 years, other countries around the world began to wonder how this would affect their economies if the UK folded. In short, companies are seeking innovative ways to stay afloat while being able to recruit and keep top-level talent. Some global companies have found innovative ways to tackle that issue.
CEO of Souqamal.com Weighs in on Non-Monetary Perks
Over in the United Arab Emirates one company, souqamal.com, has found innovative ways to recruit and keep top talent during times of stress. According to the company’s CEO who is also the founder, Ambareen Musa, there are other ways to incentivize a job other than bigger benefits packages and higher pay. She feels that although these things are important, most professionals today realize how hard it is to find and keep a job.
Little tokens of appreciation go a long way in troubled times and so she encourages corporate thank you gifts to employees new and old. Many firms are taking up this position and are now regularly rewarding employees with non-monetary incentives such as a hand-selected gift basket from Gimmee Jimmy’s Cookies.
Finding What Motivates the Person
Ms. Musa notes that each individual has different motivators that keep them loyal to the job or even in taking a position at the beginning. She mentioned in an article published in the UAE online periodical, The National, that companies would do well to find what motivates their staff. She has found that her company has a tech team that just loves their gadgets. From time to time souqamal.com will reward key members and teams with little gadgets as a way to express gratitude for a job well done.
But Ms. Musa goes on to say that gifts of gratitude need not always be something tangible. Her company has gone to giving staff free time ‘on the clock’ and they have begun celebrating high holy days together with little informal parties and awards events. The awards may not have any cash value but the honorees appreciate being recognized by the powers that be and have come to look forward to the certificates of recognition presented by team leaders and managers. Luncheons and little soirees are both planned and impromptu which gives an even greater emphasis on just how much the company values its employees.
With the global economy once again in a state of uncertainty, if not all-out panic, increasing numbers of corporations around the world have put a freeze on pay rises and some have even put a hold on hiring new staff altogether. It is in times like these that Ms. Musa finds a need to be creative when working towards staff retention. Although these are just a couple of the strategies she employs, she has found that employees are willing to ride the storm with their employers if only they would be assured they are valued. Looking to keep your employees loyal during tough times? A little non-monetary incentive goes a very, very long way in times like these.