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How to strike a balance between managing staff wellbeing and financial pressures

Employee Benefits

Pay strategies such as targeted pay increases, performance-related bonuses and earned wage access can help. With the cost-of-living crisis enduring, employees from some sectors are likely to be seeking additional hours, usually through taking on overtime. Other employers are providing financial support in different ways.

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UK Power Networks uses total reward statements to boost engagement with benefits

Employee Benefits

Examples of these are our Tusker car initiative, which now has 250 users, and presenting available retail discounts just before Christmas as a timely reminder. The TRS outlines what employee benefits have been on offer for the past 12 months. Offering choice is key,” he concludes.

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Balancing Life and Work: How to Support Your Employees

Achievers

Let’s take a look at the overtime pay model as an example. The overtime system rewards but one master: working longer. We consistently increased the base pay rates and built a bonus system to replace the overtime. Finally, we refuse to use overtime. The longer the work takes, the more I make. Modify staffing strategies.

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Are bonuses the key to hourly staff retention?

Business Management Daily

They’re making even low-level retail and restaurant staff eligible—even part-timers. According to a Chipotle statement announcing the plan, bonuses will be paid quarterly if crew teams meet revenue and other goals. Snapshot: What do bonuses reward? Employee referral bonuses: 52%. Spot bonuses: 51%.

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Regular rate calculation gets a makeover

Business Management Daily

Nonexempt employees who work longer than 40 hours in a week must be paid overtime at 1.5 15, 2020, allow you to offer more perks to nonexempt employees without having to include those perks in their regular rate calculation when you’re figuring their overtime rate. Employee discounts on retail goods and services. spot bonuses).

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Key Trends to Look for at the Dealership of the Future

Hireology

The retail automotive industry has seen ever-increasing sales since 2013, but experts predict this momentum may have plateaued – and will likely decline in the coming years. Doing so will also help ensure you’re paying employees with complete accuracy, by automating flag time calculations for service workers and tracking overtime hours.

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Employee retention strategies to overcome the Great Resignation

Business Management Daily

Retail and food workers who were hailed as heroes and paid higher wages at the start of the pandemic don’t want to go back to minimum wage. Financial recognition can come in the form of bonuses. In many industries, it is expected that team members will put in overtime during peak seasons or major company or client projects or events.