Three Alternative Benefits In-Place of Raises for Non Profits
During a recession, non profits as well as employees are greatly effected; many small businesses and non profits are watching their expenses and employees are receiving less raises or none at all.The serious financial budget shortfalls are leaving the non profit funding apparatus of the states and federal government woefully short. There is a direct correlation with a decrease in raises and employee satisfaction. Many of the “Best Practice” Non profits are implementing ways to boost employee satisfaction through benefits and perks instead. Employees are not necessarily motivated by money, satisfaction, or performance unless they are not being compensated fairly. Sometimes praise for work well done, the feeling of being an essential part of the company, or being rewarded are valued more than money. Many employees prefer recognition and a work/life balance over money. Non profits have the added advantage of expressing reward to employees through social concious , or philanthropic achievement. Working to serve a higher purpose beyond financial reward which is what has driven many employees into the non profit sector originally.
Three ways to satisfy employees and increase motivation include:
– Reward good behavior with schedule flexibility: Employees believe flexible schedules is one of the most important benefits. Depending on the type of business, flexible schedules may include the ability to work from home once a week, or being able to complete their work in 2 days or spread it out over the week, as long as the work is accomplished on time. Another option is to let your employees work an extra hour each day for 4 days and be able to leave early on Fridays.
– Acknowledge great work: Recognize hard work by commenting, rewarding employees with gift cards, awards, etc.
– Personalized incentives: this option lets the employee know that the company cares about him/her.
Whatever the advantages and incentives you provide, it must be important to the employees and satisfy their needs. In return, your employees will be motivated to work hard.
For more ideas on how to maintain a lower cost structure for your non profit , contact Metropolitan Risk Advisory for information.
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