As the end of the year approaches, it’s the time when some businesses think about how best to reward their staff for their hard work over the last 12 months. But will a one-off ‘thank you’ have the right effect, or would you be better off putting a more ongoing, sustainable rewards scheme in place?
Here’s the story of how one Dickensian employer got it right!
Ebenezer Scrooge loved Christmas! He really enjoyed giving his staff time off, to spend with their families over Christmas. He encouraged them to go Christmas shopping and to send cards to all their friends.
Mr Scrooge even loved giving presents to his staff. But he often struggled to find the best gift for each person. So one year, had a great idea. Instead of buying each member of his team a gift at Christmas, Mr Scrooge decided to set up a reward system for all his staff, which would run all through the year, rewarding them on an ongoing basis for their hard work.
Here’s what Ebenezer Scrooge did to create the best Christmas present that lasts for 12 months:
- He put a structure in place – just a simple one to begin with
- He took the time to identify the things that were really important to his staff – including non-financial benefits – and incorporated them into his strategy
- He invested in making his company an interesting and fulfilling place to work. This helped him to attract great people and helped keep overall pay costs down
- He created a scheme that was simple to understand, so that his line managers didn’t struggle to explain it. They were key to making his reward structure a success
- He didn’t assume that it was just about pay. According to research that Mr Scrooge read, some executives would consider a pay cut of up to 35% in order to get their ideal job.
- Then he reviewed the scheme and the effect it had on his staff throughout the year, to make sure he was still getting it right
- And finally he enjoyed spreading Christmas cheer amongst his staff all year long and they loved working for him!
Think about how you can engage your staff beyond Christmas by setting up a reward scheme next year.