Our first Masterclass after the summer break was on Wednesday 13th in Leeds. The subject was Recruiting and Keeping the Best but as it turned out the main subject for discussion was keeping the best rather than how to recruit the best.
The Millennials are different from previous generations in that they are not solely, or even primarily, interested in the level of pay in a job but pay more attention to what their employer is trying to achieve.
And the panel thought every business must have a purpose and every single employee must be informed about the purpose.
Small companies cannot compete with big ones on salary but can do things that are more important.
What Do Your Employees Value
Number one is the chance to improve themselves and their career. So the opportunity to go on training courses and the like is paramount.
And a friendly environment with such things as flexible working to help with families such as young children with both parents working, elderly parents needing support, time off to go and work in the community say 1 day per week.
And an honest, genuine thank you from the most senior people.
In this context, share options are a right given to an employee to buy shares at a future date or on a future event at today’s price.
Are share options worth it in SME’s? If the owner has a clear plan to sell the business in say 10 years time and you are happy with how the business is going to get to the turnover and profitability to make it saleable, then possibly. But generally this is not the case as generally owners want to carry on running the business and with it the income that comes from success.
Some bigger companies have a formal scheme with a variety of benefits included which the employee can choose from such as a car, free child care, pension contributions, a week’s holiday, a bonus etc. They each have a set value and you can take different benefits depending on your grade. People tend to take different benefits at different stages of their life.
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