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4 valuable alternatives for a pay rise
21 June 2018, by Level Recruitment

4 valuable alternatives for a pay rise

The salary negotiations period is over – did it go as expected? As a manager it is difficult (if not impossible) to please everyone. But in the absence of a pay increase, there are other benefits you can offer your staff which do not necessarily need to break the bank. For example, group training, a glamorous kick-off event or greater freedom.

  1. Flexible working hours

Many companies are adopting a more flexible philosophy when it comes to working hours and holidays. Offering your employees extra days’ holiday leave, more flexitime or perhaps even completely unrestricted working hours, are benefits that are more highly appreciated than simply going up a notch on the pay scale. It does not cost the company anything, the team will be happy and it does not have impact on the work.

  1. Healthcare

Healthcare has been around for a long time – in a variety of forms. What is right for your workforce? Maybe inviting a personal trainer to hold circuit workouts every Tuesday, or why not take the office staff for a jog at lunch? Healthcare does not necessarily always have to be about training, it can also take the form of massages, naprapath visits or similar.

  1. Social events

Today, company culture is valued more than ever before and can be the reason for potential candidates to choose your workplace. A great culture is also an incentive for current staff to stay put for longer. How is the atmosphere at the office? Do you do things together? That may be a basis for building cohesion and developing personal relationships – often an invaluable asset. By arranging social get-togethers you give the staff an opportunity to get to know each other outside the office walls. It could be a kick-off event, a conference, a visit to the cinema or a traditional after-work drink.

  1. Salary exchange

If you are unable to give your team members a pay rise, you can offer them a salary exchange instead. This means that you, the employer, offer the employee the possibility to set aside part of their salary in pension contributions. The employee offset part of their gross earnings, i.e. before tax, as pension contributions which are not taxed until they are drawn. The employee should have a salary of more than SEK 42,031 per month after the salary exchange, otherwise the national pension, sick pay, parental allowances and other social insurance benefits will be reduced. A salary exchange might sound like a dull form of compensation, but it may interest your team members more than you think. Mention it as a suggestion. Moreover, it is also cost neutral for the company.

4 valuable alternatives for a pay rise

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