The best businesses know that building or sustaining a successful company relies on the shaping and development of a great team. As the saying goes: a chain is only as strong as its weakest link. After investing time and energy recruitingandhiringthe best employees, it’s vital to ensure they stay with you for as long as possible.
23 years after publishing the first100 Best Companies to Work For,fortune.comknow three things to be true:
- Inclusion has become the gold standard for employee-centric companies
- The bar rises every year
- No, workplace happiness is not a myth
In the UK today, workers will change employers on average every 5 years according to LV, and Monster Jobs say the average staff turnover rate in the UK is 15%. But changes in staff shouldn’t always be regarded as a negative thing – the goal is to have the best people stick around, and underperformers move on.
The key is to decide how to incentivise employees to stay. Some employers rely on pay rises or promotions, but does this keep people for the right reasons? Once the initial motivation from the pay rise or promotion subsides, you may be left with an employee who is still unhappy, and an unhappy team = an unproductive team. This method of ‘retaining’ staff is clearly not always an effective way to tackle the problem of maintaining happy staff.
An alternative approach is to try to lengthen the tenure of your best employees. According to Evergreen Business Weekly, “these top performers contribute more and more value the longer they are working there, so extending that duration can produce more, and delay the inevitable costs of turnover”.
So, how do we go about creating a happy work environment that will not only produce high quality work, but will maximise the time that staff are employed at your company? Here are our 7quick waysto create a happy work environment & boost employeeengagement in 2020:
- Host team building events
Despite its reputation for being, well, old hat, team building could be the most important investment you make for your staff.It builds trust, alleviates conflict, encourages communication, and increases collaboration.
Investing time and effort into making your workplace a fun and engaging environment has not only a positive impact on happiness but staff productivity and attendance.
According toCIPHR, UK businesses lose6.9 days a yearper employeebecause of absenteeism, at an estimated cost of £554 per employee. Nearly a quarter (23%) of UK organisations say ‘non-genuine absence’ is the top reason for short-term absence for non-manual workers, with this proportion rising to 30% for manual workers.
By making your workplace an enjoyable and collaborative place to be by organising regular team events throughout the year you are concreting the teams’ relationships and, in the long run, their investment in your company.
- The power of hello
Did you know that a simple “Hello” can garner respect and give its recipient a confidence boost that will last the entire day? By greeting your staff with a dedicated “hello, how are you?” every morning, you are not only telling them that they are important but that they are deserving of your time.
Make it your aim to walk around the office once a day and check in with people. Ask how their weekends were, what they have planned for their holiday or how they found a recent seminar that they attended.
Read our articleConnect Don’t Disconnectto learn about the power of building strong relationships with your colleagues.
- Credit where credit’s due
Did you know that the N°. 1 reason for people leaving their jobs is that they feel undervalued? Don’t wait for the annual review to praise someone for an achievement, tell them in the moment. Whether it’s a shout-out in your team meeting or a bottle of champagne and a tray of cupcakes on Friday afternoon, show credit where credit’s due and let your staff know that you think they are great!
- Think of the bigger picture
Everyone wants to feel fulfilled at work and one of the best ways to do this is to talk about the big picture with your staff. By explaining the overall mission of the company and how each department within the company is working to deliver key goals towards that overall mission, individuals and teams will feel a sense of team spirit, of working towards a united goal.
Perhaps have key milestones on the wall to showcase where you are and how far you’ve come along the journey. But most importantly, remember to reward staff for their efforts at each integral stage to keep them motivated and a part of the team.
- Make work / life balance a priority
Sweden’sflexible approach to working hours is one of the reasons it was ranked best in the world forwork-life balancein a recent HSBC survey. Only about 1.1% of the nation’s employeesworkvery long hours, the second lowest among 38 countries.
According to thestatistics, 90% of the highest performing companies useincentivesand rewards to retain and encourage employees and 80% of employees prefer strongincentivesover a bigger salary.
Make it known that work / life balance is a priority in your company by offering work-from-home Fridays, for example, a certain number of guilt-free ‘stay at home with sick children days’,or discountsat local health and wellness programs, or additional childcare options. Offering incentives that improve a team member’s overall quality of life show that you care about their wellbeing and understand that they have a life outside of work.
- Promote wellbeing
Wellbeing has become integrated into people’s daily lives and working professionals are now expecting their employers to provide wellness practices in the workplace. Whether through food, physical exercise or mindfulness tactics, incentivising wellness is a brilliant idea.
Creating a culture of wellness can be simple, with ideas such as:
- Providing healthy lunch options
- Arranging bike racks outside the office or providing “bike to work” initiatives
- Negotiating corporate discounts for health club memberships
- Hiring a yoga instructor or mindfulness specialist to come into the office on a regular basis to reduce team members’ stress
Showing your team you want them to live happy, healthy lifestyles is another way of showing them how important they are to your company.
- Avoid Micromanaging
It’s safe to say that no one likes to be micromanaged and, in a world where working flexibility is being promoted, there is a certain level of trust that needs to be established between staff and managers. Managers give trust by setting boundaries and clearly explaining their expectations and employees respect those boundaries and expectations by delivering a high standard of work in a timely manner.
Try letting a team member lead the next marketing meeting and give team members the go-ahead to make executive decisions when you aren’t around.
So, in conclusion, happy employees are more creative, innovative and dedicated than their unhappy counterparts AND, they’re more likely to stick around in the long-term. A simple “Thank You” can go a long way.Don’t wait until the end of their employment cycle to show your team just how valued and important they are. Celebrate and commiserate important life moments with them; the birth of a child, a new home, passing an important exam, the death of a loved one. Show your team you care with aCollection Pot– the simplest way to collect online donations for your employees!
Don’t miss our next article coming soon about “Agile Working” and how that could work for your business.
Adrian Grace
Collection Pot is the personalised, simple & fun way to collect money online for any occasion.
FAQs
How do you make a Collection Pot? ›
- Create Your Account. First of all, you need to create an account with your chosen collecting platform. ...
- Choosing Your Type of Pot. ...
- Enter Your Pot Details. ...
- Make It Stand Out. ...
- Choose Your Recipient. ...
- Share, Share and Share Some More. ...
- Redeem.
A collection pot is a way for a group of people to contribute money towards a common goal or gift. It can be a physical pot, like a jar or piggy bank, where individuals can drop in their money, or it can be a digital collection pot.
How does the Collection Pot work? ›How to spend a Pot. Once your Pot closes you, or your recipient, will be sent an email with a link to redeem the Pot where you can mix and match your spend at 60+ retailers. Instant transfer to your bank account - via Visa or Mastercard debit card* for free.
How can you boost morale in the workplace? ›One of the best ways to boost workplace morale is by consistently monitoring and measuring employee morale and using employee feedback to make positive changes. It's also important to meet with employees individually and in teams to collect feedback and collaborate on improvements.
Is there an app for collecting money from a group? ›Cheddar Up was built to make collecting group gift payments online easy and intuitive. Start collecting in minutes—simply create a collection page and share the link. All payments and information are tracked automatically and easily exported to Excel.
How do you collect money from people? ›- Send Polite Email Reminders. So let's start by assuming the best. ...
- Make a Simple Phone Call. ...
- Contact the Billing Department Directly. ...
- Cut off Future Work. ...
- Send a Final Demand Letter. ...
- Hire a Collection Agency. ...
- Go To Arbitration or Take Legal Action.
A collection is a group of things, often a group created by someone. For example, many kids have a collection of comic books. Notice the word collect in collection. If you like to collect — that is, gather — things, chances are you might have a collection of some sort.
What does process of collection mean? ›A collection process is a series of events (e.g., letters, To Do entries) meant to encourage an account to pay its delinquent debt. Linked to the collection process are the specific service agreements that contributed to the delinquent debt. Parent topic.
Does Gofundme charge a fee? ›There's no fee to start or manage your fundraiser. However, to help us operate safely and securely, our payment processors deduct one small transaction fee per donation (2.9% + $0.30, which include debit and credit charges).
What keeps morale high? ›Communicate, communicate, communicate.
Research on stress and resilience shows that the more someone knows about a difficult situation, and what will happen next – even if its bad news – the less stress they feel. Thus, during difficult and uncertain times, amp up your communication.
How do you keep team morale high? ›
- Encourage ongoing one-on-ones. ...
- Give employees the tools to ask for feedback. ...
- Train your managers to become better coaches. ...
- Help your people develop–both personally and professionally. ...
- Show employees how much you appreciate them. ...
- Don't forget to have fun.
- Find the Root Cause.
- Reduce Their Stress Levels.
- Be Clear About Your Vision.
- Offer Them More Control.
- Provide Regular Recognition.
- Promote From Within.
- Feedback is Always Useful.
Keep it short and sweet: Giving Tuesday is coming up, and I wanted to take the opportunity to share a special cause with you. I'm donating to [name of cause] because [reason for donating]. Your support will contribute to [goal].
How do you collect money nicely? ›- Avoid letting too much time pass from the payment due date. ...
- Set up an emailing schedule. ...
- Send polite reminders before the due date. ...
- Send a polite but direct email on the due date. ...
- Firmly remind them when your invoice is overdue. ...
- Call them if they still don't pay you.
A virtual collection, also known as a money pool or money pot, is a great way to collect multiple individuals' money in one place. The beauty of fundraising online is that it makes it easy for everyone to contribute in their own time – and the link can be easily shared amongst colleagues via email or on social media.
Where can I collect free money? ›- How To Get Free Money. ...
- Get Bank Rewards or Stock Bonuses. ...
- Earn Credit Card Bonuses. ...
- Take Advantage of Your Employer's 401(k) Match. ...
- Refer Your Friends. ...
- Search for Unclaimed Money. ...
- Apply for Grants and Scholarships. ...
- Sell Your Old Devices.
- 1 11 ways to make money without a real job. Get paid to test websites. Become a crowdworker. Design and sell t-shirts. Work as a transcriber. Shop for others. Sell crafts online. ...
- 2 Being unemployed doesn't have to mean being without money.
- 3 Want to learn more?
There are a number of ways you can use other people's money to meet your small business goals. Grants, loans, investors, crowdfunding, invoice factoring, and selling your business are several of the many options at your disposal.
What is a collection of gifts called? ›loot. noun. informal a lot of presents that you have been given, or a lot of goods that you have bought.
What do you call a person who collects things? ›Definitions of collector. a person who collects things. synonyms: aggregator.
What makes a collection valuable? ›
Almost all collections will have significant sentimental value to their collectors. Sentimental value is the personal value a collector places on his or her collection, based on the memories associated with the objects.
What is the most successful collection strategy? ›One of the most effective collection strategies is to have a robust credit check and onboarding process in place. Ensuring that you do a thorough credit assessment and onboarding while offering goods or services on credit is one of the best strategies to adopt.
What are the 3 key strategies when it comes to collections? ›- Know your customer's credit history. ...
- Ask for payment right away. ...
- Offer easy payment options. ...
- Communicate with your customer. ...
- Use a collection agency.
The data collection process in four stages: (1) Identification, (2) Unification, (3) Verification, and (4) Enrichment.
What is the downside of GoFundMe? ›The con to using a GoFundMe account is raise money is there is a fee deducted with every transaction.
What is the average amount on GoFundMe? ›How Is Help Hope Live Different? The average GoFundMe medical fundraising campaign raises a total amount that typically falls between $2,000 to $2,600.
Do you get a 1099 from GoFundMe? ›If your crowdfunding campaign raised more than $600, and if contributors received anything in return for their donation, the fundraising platform will probably send you a tax statement called a 1099-K form that outlines exactly how much money you netted.
What destroys employee morale? ›Lack of Appreciation
If you constantly focus on the negatives and ignore the successes, employees might become apathetic and less eager to volunteer for new projects. Similarly, taking credit for the work done by your employees without acknowledging their contributions can also destroy morale.
1. Lack of Communication & Clear Instruction. This employee morale crusher is by far the worst: 33% of human resources managers surveyed said lack of communication was the main cause of low morale. When employees don't know exactly what they should be doing for a certain task, they'll feel unstable and unsure.
What would damage your morale? ›Constantly bickering with other employees, gossiping, making fun of people or generally being negative can also affect the morale. Work with those employees directly to improve behaviors.
How do you make employees feel valued? ›
- Offer good compensation packages. ...
- Provide meaningful work. ...
- Prioritize a work-life balance. ...
- Start an employee recognition program. ...
- Celebrate achievements. ...
- Offer professional development and learning opportunities. ...
- Hire internally. ...
- Have performance pay or bonuses.
- Get to the Root of the Problem. If you're struggling to stay positive, it's time to ask yourself why. ...
- Find Meaning and Purpose. Ask yourself, what does your job mean to you? ...
- Don't Get Stuck in a Rut. ...
- Ask for Feedback. ...
- Learn Something New. ...
- Build Your Network. ...
- Find Inspiration. ...
- Shake Up Your Routine.
- Recognize Staff Accomplishments. Identify opportunities to recognize employee achievements — and capitalize on these opportunities as frequently as possible. ...
- Open the Lines of Communication. ...
- Embrace Random Acts of Kindness. ...
- Lead the Way.
From your main PayPal account, select Send and Request from the banner menu across the top of the screen, and then Request from the toolbar that appears below this banner menu. Then, on the right side of the screen, there is a column of options. Towards the bottom of this column is a link to Create a Money Pool.
What has replaced PayPal money pool? ›Collctiv is the number one alternative to PayPal Money Pools.
Can I use PayPal to collect money for a gift? ›Money Pools was created and launched in 2017 to allow PayPal customers to collect money for group gifts, travel or special occasions, and as we have seen our customers use the feature to raise money for causes in their community, we are evolving our product offering to more appropriately service this need.
How do you ask a colleague to contribute to a baby gift? ›Baby Shower Invitation Wording – Asking for Money
Cash and gift cards are welcome, but not required!” “We're excited to celebrate our new baby with you, and your presence is the only gift we need! If you're thinking of giving us something, a contribution to our baby supply fund would be much appreciated.”
If you owe PayPal money PayPal can refer you to a debt collection agency and have them chase you for the debt that you owe. They can also take you to court if you continue to not pay.
How do I start a family money pool? ›- Decide what you want to invest in.
- Gather your group of investors.
- Determine how much money each person will contribute.
- Sign an operating agreement that outlines everyone's responsibilities.
- Follow through with the investment plan and reap the rewards!
If you were looking for PayPal money pools, you've now probably realised that it no longer exists. PayPal Money Pools was one of the most popular digital solutions to collect money online.
How do I create a money pool on PayPal? ›
- Step 1: Create your Money Pool. Simply log in to your PayPal account via the PayPal app, website or mobile site and click 'Your Pools' to set one up.
- Step 2: Personalise your Money Pool. ...
- Step 3: Share your Money Pool. ...
- Step 4: Spend your Money Pool.
It's a way of simply and easily collecting money from a group of people, for a joint activity, booking or purchase. The Organiser in the group creates a money pool and then shares the payment link with the rest of the people in the group.
What is a money pool? ›Call it a fund collection, a savings' squad, a money pool is simply a way to make savings with a group of people. You and your friends pool together a contribution, for an agreed period until you collect the total amount you need.
What is the app that pools money with friends? ›Braid Pools can be used to pool money for gifts, save for group vacations, share expenses, collect club dues, fund reunions, cash registries, mutual aid, and so much more. All with just a link!
How can I collect money online? ›- Accept Credit Cards and Debit Cards Online. ...
- Accept Online Payments with eChecks and ACH. ...
- Look Into Mobile Payments, Which Continue to Grow. ...
- Provide an Online Payment Gateway. ...
- Add Click-to-Pay Email Invoicing. ...
- Schedule Recurring Billing. ...
- Build an Online Store.
Money Pools always felt like it was a loss leader for PayPal, a feature to make customers use other PayPal services, it was never the main reason to use PayPal. Creating a Money Pool was a clunky experience involving 4 screens and creation restrictions that meant you could only use it for very specific collections.
How do you categorize gifts to employees? ›If you give a gift to an employee, it is generally considered a personal expense. This is because the gift is given with the intention of showing appreciation for the work that the employee has done. For example, you may give an employee a gift to celebrate their birthday or to thank them for their hard work.
How much should you contribute to a coworker group gift? ›Depending on the event and the gift recipient, the average amount you can spend on employee gifts ranges between $15–$75 per person per occasion.
What is diaper fund? ›A diaper fund is a way for people to gift you money that goes towards diapers. People send their contributions and gifts to one place. A diaper fund does not have to only go towards diapers. Parents can choose to use the diaper fund for other baby essentials.