It's important for you to find out:
• Which parts of salaries are exempt from taxes
• Which incentives could be more effective than money
• How to respond to excessive salary demands
• How to get out of a remuneration agreement that is unfavourable for you
• How to change to performance-oriented rewards
• How pay employees who do not work in the sales department, profit-related wages
• How to explain to all employees that income and career advancement are not related to age and length of service
3 Tips on how to achieve more flexibility in terms of wages and salaries
1. Clearly state in writing that no increase or bonus is guaranteed – it is dependent on the profitability of the company and the employees' performance.
2. When you give an increase to your employees, often a large percentage of it will go to taxes.
For this reason, you should change to tax-free or tax preferenced remunerations like increased pension, motor vehicle or cellphone allowances.
3. When one of your employees has successfully finished a long and difficult projects, he will probably ask you for an increase.
Rather offer a once-off bonus. If you offer her a straight R5 000, this might prove more attractive to her. A salary increase of R300 will work out to be more expensive than the R5 000 after 11/2 years. And the employee will start negotiations from a higher level next time.
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It's not only the monthly salary that counts
Employees aren't only motivated by money. Recognition is equally important. A competition offering rewards can also add to motivation.
Depending on what objectives you want to achieve, there are four types of incentives:
1. Money has the advantage in that the amounts can be graded – and everybody can use it.
2. Status rewards (certificates, trophies, etc.) stimulate self-esteem and prestige.
3. A prize can be selected individually to always remind the winner of his excellent performance.
4. Free trips provide a pleasant experience, but they could also be expensive.
Tips, tools and strategies to develop and manage your employees
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