Wage Gouging Kryptonite
Here are 3 Ideas on new currencies that can be your kryptonite to wage gouging in a number of NZ’s industry sectors in today’s market.
When it comes to offering currencies other than money it is important to note that they can be different for each employee because the value of them is in the eye of the beholder.
53% of employees state that work/life balance is very important when considering a new position. It makes them happier and increases performance by 21% so many of your currencies will likely orbit this factor.
Here are some ideas but before implementing them or any others you would be wise to discuss them with your Employment Lawyer to ensure you continue to meet your legal employment obligations.
The 32 Hour Week – This is offering your employees reduced working hours. You may think that your business cannot afford the productivity losses however businesses who have implemented this report that the same amount of work gets done, just more efficiently.
Relax the Rules - Here are 3 ways you can do this. Relax on 1. What qualifies as a Sick Day. Allow staff to use these days for physical, mental, emotional or any other general health-related matter without the need of an explanation and fear of reprisal. 2. What qualifies as bereavement leave. For some people losing a pet is as painful as losing a loved human. Allow staff to grieve for whoever and whatever they value. 3. The clock watching. Trust employees with their time management, if they need an extra 30 minutes at break time to run an errand let them do this provided management have been notified of their extended absence.
Family Friendly Fridays – Kiwis value their long weekends particularly through Spring and Summer and many of us try to get away with family and friends but battling the Friday traffic after work can be stressful especially for Auckland commuters. Imagine the value some of your employees would find in being able to finish work at midday on the Friday giving them a head start on the traffic.
These currencies may sound costly and unproductive but in fact they all increase productivity, an employee’s sense of loyalty to their employers and improve levels of job satisfaction and they are great talent acquisition and retention tools.