INTRODUCTION
In today's fast-paced and competitive business world, it is crucial to recognise that behind every successful organisation are its dedicated and talented employees. In New Zealand, companies are increasingly embracing the concept of humanising the workplace by implementing staff incentives that go beyond the traditional transaction of skills and time in exchange for salary. By creating a culture of appreciation and empowerment, organisations can foster genuine connections with their employees and help both them and the organisation thrive in a changing world.
Celebrating Personal Contributions
In the pursuit of success, it is essential to acknowledge and celebrate the unique contributions of each employee. Organisations of all sizes can humanise staff incentives by taking the time to genuinely recognise and appreciate individual achievements. Personalised messages of gratitude, public acknowledgments, or team celebrations can go a long way in making employees feel valued and recognised for their hard work and dedication. By emphasising the human aspect of recognition, organisations can create a supportive and inclusive work environment where individuals feel seen and appreciated. Personal contributions can also be recognised through financial benefits, which could provide tax incentives to the organisation.
Flexible Work Arrangements that Prioritise Well-being
Recognising the importance of work-life balance, organisations can humanise their approach by offering flexible work arrangements that prioritise employee well-being, whilst being in context and relevant to the employee’s role and business requirements. By understanding and accommodating personal commitments, organisations demonstrate their commitment to their employees' overall well-being. Offering flexible work hours, remote work options, or extended leave policies allows employees to better manage their personal and professional lives, resulting in increased job satisfaction and loyalty. It is worth noting that Inland Revenue allows the deduction of certain business-related expenses when conducting business at home, or working from home. Be sure to speak to your Moore Markhams advisor to find out which deductions you can claim.
Investing in Personal and Professional Growth
Organisations should invest in their employees' personal and professional growth. Evidence shows that organisations who continuously invest in the development of staff have higher engagement and brand advocacy. In a 2021 report by Monster, 45 percent of surveyed employees said they would be more likely to stay at their current jobs if they were offered more training and development opportunities.
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Offering opportunities for skill development, training, and mentorship programs demonstrates a genuine commitment to employee success. The continuous development of staff not only supports the growth of the individual, but also supports the organisation through enhanced skills and knowledge. This allows the organisation to stay at the forefront of their industry.
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Building collaboration and team building
Team building activities and staff outings have been dividing opinions for decades. But when done well activities and outings can be a great way to build teams and assist in the cementing of personal connections. They allow staff to focus on connection and a sense of team, rather than solely focusing on individual performance. But buyer beware. Certain entertainment costs can incur Fringe Benefit Tax (FBT). Be sure to speak to your local Markhams advisor about FBT and how it affects you and your business.
Prioritising Employee Well-being and Mental Health
Almost half of New Zealanders will experience or have already experienced mental distress or illness in their lifetime.
[2] Unfortunately, some of this will be caused by the workplace, and organisations have a responsibility towards employees’ mental health. Humanising the workplace involves recognising and addressing the holistic well-being of employees. Organisations can prioritise employee well-being by offering initiatives that support mental health, stress management, and work-life balance. Providing access to wellness programs, counselling services, and promoting healthy work-life balance initiatives demonstrates a genuine concern for employees' overall well-being. By nurturing a supportive environment, organisations create a sense of belonging and compassion that fosters employee happiness.
Conclusion
We have only listed a few strategies to help your staff and employees thrive. The implementation of such a strategy must be planned in context with your organisational structure and culture and relevant to your employees to get the best results for everyone.
When executed well, staff incentives are a powerful means of empowering employees and fostering a culture of appreciation and connection. By celebrating personal contributions, offering flexible work arrangements, investing in personal and professional growth, fostering collaboration, and prioritising employee well-being, organisations can create an environment where employees feel valued, supported, and inspired. Ultimately helping them thrive in a changing world.
BRING IN AN ADVISOR TO MAKE SURE NOTHING IS MISSED
Moore Markhams advisors are experts in tax, governance and business management and can provide as much or as little help as you need.
There are a number of tax considerations when implementing employee incentive and satisfaction strategies, which can become quite complex. It always pays to bring in an advisor early in the process, to make sure no crucial information is missed and important points are addressed. For further assistance with business management advice,
please contact your Moore Markhams Advisor.