July Newsletter

Welcome to July’s newsletter. Looks like Summer has finally arrived??

It’s a short newsletter this month as a lot of our subscribers will be enjoying well deserved holidays ??

Here’s what’s included:

?Round up of what’s happening at yohrs

?Developing a compensation and reward framework for SME’s

?Improving employee retention

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Round up of what’s happening at yohrs

July has been a busy month. It started with a trip to New York to celebrate the end of my son’s GCSE’s. Thoroughly enjoyed the quality time together, exploring the city and making memories even if my feet took a battering! Then I successfully completed my first 10k run. I’m trying to make time for personal goals not just focusing on business ones and this was a step in the right direction.

On the work front we’re still busy with talent acquisition projects and excited to be in discussions with three new partners. The great thing about being a generalist is you get to work with a range of businesses, all with their own unique culture and values. I get such a buzz helping companies build strong people foundations and hire the right people to grow. We’re excited to see what Q3 brings.

Make sure you follow us so we can share more details or contact us [email protected] to see how we can help with your people challenges.

?? Developing a Compensation and Reward Framework for Small Businesses

Creating a fair and effective compensation and reward framework is essential for small businesses to attract and retain top talent, motivate employees, and drive business success. A well-designed framework not only ensures that employees are fairly compensated for their contributions but also helps in fostering a positive work culture and enhancing employee engagement.

Here are some key steps to consider when building a compensation and reward framework for your small business:

Conduct market research: Start by researching industry benchmarks and salary surveys to understand the prevailing compensation rates for similar positions in your region. This will help you ensure that your compensation packages are competitive and attractive to potential candidates.

Define clear salary bands and structures: Establish clear salary bands and structures based on factors such as job roles, experience levels, and performance metrics. This will provide transparency and consistency in how compensation is determined.

Incorporate variable pay and incentives: Consider implementing performance-based pay structures, such as bonuses, commissions, or profit-sharing plans, to reward employees for their individual and team achievements. Variable pay can motivate employees to perform at their best and align their goals with that of the business.

Offer non-monetary rewards: In addition to monetary compensation, consider offering non-monetary rewards such as flexible work schedules, professional development opportunities, recognition programs, or extra paid time off. These perks can help boost employee morale and job satisfaction.

Communicate clearly: Transparent communication about the compensation and reward framework is crucial. Ensure that employees understand how their compensation is determined, what performance metrics are being used, and how they can progress within the company to receive higher rewards.

Regularly review and adjust: It is important to regularly review and adjust your compensation and reward framework to remain competitive in the market and align with the changing needs of your business and employees. Solicit feedback from employees to understand their preferences and make necessary modifications as needed.

If you need help creating a framework that complies with legal regulations, industry standards, and is tailored to your business, let’s talk. Call 07808 926349 or email [email protected]

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??? Improving employee retention

You’ve done the hard work of finding great talent for your business, but you’ve begun losing your best workers. Now is the time to consider some employee retention strategies. Not only can you lose valuable resource through poor retention, it also impacts your employer brand and costs you money. So what can you do to create a more engaged workforce? Here’s just a few areas to consider?

·?????? Provide competitive compensation and benefits

·?????? Offer opportunities for professional development

·?????? Promote work-life balance

·?????? Recognise and reward performance.

·?????? Create a positive company culture where employees feel valued and respected

·?????? Provide opportunities for growth and career progression

·?????? Encourage open communication

·?????? Ensure strong leadership

·?????? Conduct exit interviews to understand the reasons for leaving and identify areas for improvement.

For help & advice on employee retention strategies get in touch with yohrs. We’re experts in how to set up your people for success.

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Thank you for reading our newsletter and have a fabulous summer ??

We want to make sure the content is useful so please message us with any topics you’d like included in future versions and feel free to pass it on to anyone you think would be interested.

We’re passionate about all things people and culture. We help businesses to hire in the most cost effective and flexible way & build companies people want to work for. Ones with a positive workplace culture where people thrive. For more information on what we do visit our website at yohrs.co.uk & remember to subscribe and follow us in Instagram and Facebook to receive all the latest content.

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