No matter the size or stage your business is currently at, having employees leave is just bad for business. As the Wall Street Journal notes, a high employee turnover rate can cost “twice an employee’s salary to find and train a replacement.” Not only are there financial repercussions, a high turnover rate can also lower the knowledge base in your company and decrease performance and morale.
Employee retention is highly important for businesses of all sizes and kinds. Finding the right employees and then keeping them however are things with which many business owners and managers struggle. Trade can help by allowing businesses to offer things to which they might not otherwise be able such as health & wellness benefits, incentive programs, childcare, bonuses and teambuilding activities.
Benefits are often high on employee priority lists but it can be difficult for small to medium sized businesses to fulfill these demands. Utilizing a trade network such as iTrade Pay can give you access to doctors, dentists, chiropractors, physical therapists, massage therapists and a host of other health and wellness services on trade, which can then allow you to offer these services to employees. Specialized health and wellness flex spending accounts can even be created for employees to give them specific budgets fr these services.
Many business owners need childcare services for their own children. Childcare is a struggle for many employees as well but necessary to maintain a position. Using trade to supplement or cover this cost can save you money as well as provide a huge incentive or reward for an employee without costing you cash out of pocket.
If you have a sales force (and chances are that you do), contests and incentives are likely something on which you are currently spending or would like to be. Gift certificates are simple yet effective rewards for exemplary employees or for use as prizes for internal contests and iTrade Pay has hundreds from which to choose including restaurants, entertainment, golf and more!
Not sure what your employees like but still want to offer them a bonus? Consider a subaccount, which is a trade account you can create for an employee and gift them trade dollars which they can spend directly on anything available through the trade network. They can utilize the services of members, purchase certificates and items from the iTrade Pay showroom or use their trade at our annual Holiday Show and get their holiday shopping done on trade. Special “Santa Bucks” can also be purchased and given to employees for shopping at this event specifically.
If you would like to focus on your team as a whole, consider using trade for teambuilding. There are many group activities available on barter as well as venues for company picnics and parties, office catering and many more options. Whether you want to take your employees out or have someone come to you, there are a variety of options from which to choose.
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