How to use the Small Benefit Exemption Scheme for your business
Give your employees a tax-free voucher to show your appreciation of their hard work by using the Small Benefit Exemption Scheme.
Encouraging your employees’ professional development should be a top priority for any savvy business leader.
Business success is largely determined by their ability to find, attract, and retain the best and brightest minds in the industry. Yet, many businesses continually struggle with this task. The ongoing battle for talent coupled with a high level of employee disengagement is enough to cause valid concern among executives and HR leaders.
Attracting skilled employees is expensive and retaining them is important for efficiency and sustained profitability. Effective people management plays an unparalleled role in preventing the loss of valuable employees.
Every successful performance management system depends on effective communication. It’s important to keep employees in the loop on what needs to be done, who is responsible for what, and what the final results are.
During regular meetings, managers should focus on exploring what the employee has learnt and their contributions to multiple teams, rather than just their individual performance. It’s also important to provide feedback on a regular basis starting early on to achieve the best results. Using performance management software makes this task easier for managers.
While professional transformation can happen at a local level, it only occurs when the tone is set at the top level. To help employees achieve transformation, you’ll need to incorporate effective performance management and regular feedback into your company’s culture. Developing this culture and the systems to sustain it will create a clear connection between performance and goals, continual development opportunities, and peer recognition.
By actively and continuously demonstrating your commitment to your workforce in ways that are meaningful to your employees, you will be able to realise the benefits of performance management, such as better employee motivation and engagement. Surprisingly, money is not a top driver for performance - instead, employees consider empowerment, development, and self-direction more important motivating factors.
We understand the difficulties businesses face when implementing a performance management process. That’s why we’ve designed the world's most innovative and scalable HR and people management system to make your job a little easier.
We’re proud to introduce Sage Business Cloud People - a performance management system that will help you attract top talent while also engaging and developing staff. It uses cloud technology so you can collaborate with employees regardless of location.
Our software gives you an instant view of your staff’s performance. Reports and dashboards provide actionable insights, allowing you to make smarter business decisions.
Give your employees a tax-free voucher to show your appreciation of their hard work by using the Small Benefit Exemption Scheme.
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