Do You Have To Give Them Stock?
When I work with clients on developing pay-for-performance plans the question often comes up, "Do I have to give them (my employees) stock options?"
The answer is "no," but what you do instead is very important.
SAS was recently named FORTUNE Magazine's #1 Best Company to Work For. You should do a similar survey at your company if you have more than 10 employees. Next week, my consulting company Success With People is introducing Best Tech Workplace surveys for technology solution providers to participate in a survey similar to the FORTUNE Magazine competition - at a fraction of the price and against your peers.
According to the FORTUNE article, even Google uses SAS as a model for fully engaging employees. So what do you offer employees to keep them around when you do not give them stock? First of all, you have to be an intentional leader who is fully engaging your people, which is another newsletter. Assuming you are leading intentionally, here are some ideas from SAS and my consulting. Please note that perks differ by company and people's jobs. Also you have to determine whether you pay for it, or the employee does.
Perks are a way to demonstrate you care about your people. All of these, except charitable hours, are on site at your company:
1. Wish Lists - understand how they want to be rewarded
2. Massage - monthly
3. Car detailing - monthly (great for outside techs)
4. Exercise room, walking groups...
5. Dry-cleaning
6. Food - make it healthy and not unlimited
7. Day care for kids
8. Credit for hours worked for charity
9. Medical care
10. Flex hours
11. Profit sharing and the opportunity to make unlimited money based on results
12. Anything reasonable that save your people time, remove stress, supports a healthy work/life balance, and/or that your people enjoy doing together
The FORTUNE article provides more details and our consulting can help you develop an effective plan for your organization. I hope this is helpful for you.
Be an intentional leader.
MEETING IDEAS
DO YOU HAVE TO GIVE THEM STOCK is about perks that help you fully engage your employees. The reason Meeting Ideas are important is because you should not guess about the perks. Ask your people. They may not like what you come up with on your own.
Here are some ideas for discussion during your next staff meeting to consider how to develop cost effective perks that communicate you care about your people:
1. What perks does our company offer today?
2. We do not have an unlimited budget of money or time, but we do want to support you. Is there anything we are missing or are we offering something that is not valued that should be dropped?
3. Think about your typical week. What could we do for you that would save you time and/or lower stress?
4. Are there any group activities we?
5. What can we learn from other companies that should be considered here?
