We know competition is fierce when it comes to recruiting the right individuals – there’s so much to consider. However, according to Forbes Magazine’s, Alan Hall, there are some basic rules to follow, including ensuring competency, and measuring capability and creativity. To hire an exceptional employee, ensure that they can demonstrate from experience, that they can come up with creative and innovative ways in which to increase productivity or problem-solving in a particular area.
You also need to ensure that they are compatible with you, the job and other staff, and calling past employers is a good way of finding out about team functioning. Similarly, you need to know that they are committed to you and your success. Team culture is important, being sure they fit in from the start.
It is also important to compensate staff according to award conditions and rates, as dissatisfied employees can adversely affect the mood of your business.
However, what also needs to be considered is how employers reward their teams and the impact on payroll. How do you incentivise employees, both new and loyal, to keep them motivated? For most businesses, retention of good staff members is important but finding ways to reward staff that go the extra mile for the business, without increasing wages or salaries can be tricky (and anything that goes through the payroll will incur PAYE).
Bartercard is a great tool to reward, provide incentives and support wage levels, and with the intelligent use of Bartercard, you have an incredible tool with which to select, maintain, up-skill and retain staff.
Take a small manufacturing company who wants to reward their top sales person with an incentive, but budgets are tight. Working with the Bartercard trade exchange the business can gift that staff member by purchasing a reward (such as a dinner out) through the Bartercard network using accumulated Trade Dollars. The business preserves their cash, while saying thank you to that employee, and better still gifts under $300/per employee, per quarter are exempt from tax under Fringe Benefit rules.
Bartercard’s eBook How to use Bartercard to grow your business offers helpful advice on how to use Bartercard to incentivise and reward your staff so you can ensure you make sure your employees are the secret to your long-term success.
For more information on increasing profits, excess stock and getting new customers please go to www.bartercard.co.nz.