71a uses salary increases to motivate and reward employees – Benefits

71a, a digital marketing agency that works with consumer credit brands, not only gave its eight full-time employees a pay rise this year to combat rising National Insurance rates, but also raised wages by £1,500 in January in an attempt to help raise inflation.

According to the agency, the increases mean employees don’t have to adjust their lifestyles too drastically to compensate for things like rising inflation, national insurance rates, fuel costs, energy and food in an unprecedented cost of living crisis.

Paying a workforce properly and generously is key to helping them feel valued, rewarded and loyal, and helps prevent staff from moving to another organization to seek higher pay, says Edward Newman, Founder and CEO of 71a.

“It should be a generous salary combined with innovative and useful benefits,” he says. “I don’t just give raises to keep the team. I do it because I believe it’s the right thing to do, to treat people with kindness, respect and humility. I don’t just offer perks to retain my team, I offer perks because I know that’s how I’d like to be treated.

As part of its recognition that pay raises don’t motivate everyone to stay with an employer and that benefits can make a company stand out from the crowd, 71a offers a management incentive plan. company (EMI). Staff are required to work at least 25 hours per week, or devote 75% of their working time to the organization to be eligible for the scheme, and must be able to exercise the shares within 10 years of working for the company. . It also offers a four-day work week and flexible hours, both of which are appreciated by the team.

Employers should give their staff regular pay raises to reward excellent performance, to demonstrate that the workforce is valued and to encourage loyalty, Newman says.

“At the end of the day, though, the biggest reason employers should be giving their staff raises right now is simply because they need the money,” he says. “Even though [they] think a salary is generous, [they] must take into account the situation of this person. It is also crucial to remember that not everyone will be comfortable asking for a raise and [employers] should not discriminate and give rise only to those who ask.

Not all employers will be able to give their employees a pay raise given the current cost of living crisis. So they may want to find other ways to reward them that will be genuinely helpful and beneficial, such as providing more work flexibility. hours and even buy breakfast for everyone, says Newman.

“It takes a lot of time and stress out of morning routines and could also encourage people to return to the office,” he concludes.