SYS 045: Are Bonuses for Virtual Assistants a Good Idea?
In this episode, Steve details how to reward your employees with bonuses as yearly payments, achievement rewards or time off. He points out the possible pitfalls of bonuses and how your employee's personal circumstances, culture and family can all affect the appropriateness of the types of rewards you offer. KEY TAKEAWAYS In some cultures, bonuses are expected or even mandated by law. Familiarise yourself with this to avoid causing resentment and possibly damaging your rapport with your employees. Structure your bonuses to reward for more work, longer hours and loyalty to your company. Put 10% of your wage bill aside so whatever financial circumstances bring you can still provide your staff with their expected bonuses. Reward the whole team when they do well. Make sure everyone beyond sales also receives a bonus for success. Try offering bonus days off based on the number of hours worked. Those days can then be used however your employees wish bypassing any difficulties caused by differences in national bank holidays, illness and personal fatigue. BEST MOMENTS 'If you don’t do the same as everyone else there may be ill-feeling.’ ‘We want people to stick around and we don’t want it to seem like we don’t care for the people that give us their loyalty.’ ‘It’s a really good way to celebrate the successes we have in the business, that is driving the business forward and giving those people the careers they want.’ 'It’s not just the sale that made the sale.’ 'If I was a Swedish person working for a British company and they forced me to work on the 24th and gave me the 25th off i'd be pretty annoyed.’ VALUABLE RESOURCES Facebook Group: https://www.facebook.com/SystemsAndOutsourcing/ Website: https://systemsandoutsourcing.com/welcome-1 YouTube: https://www.youtube.com/c/drsteveday ABOUT THE HOST Steve used to be a slave to his business but when he moved to Sweden in 2015, he was forced to change the way he worked. He switched to running his businesses remotely and after totally nailing this concept he decided to spend his time helping other small business owners do the same. Steve’s been investing in property since 2002, has a degree in Computing, and worked as a doctor in the NHS before quitting to focus full-time on sharing his systems and outsourcing Methodology with the world. He now lives in Sweden and runs his UK-based businesses remotely with the help of his team of Filipino and UK-based Virtual Assistants. Most business owners are overwhelmed because they don't know how to create systems or get the right help. Our systems and outsourcing Courses and coaching programme will help you automate your business and work effectively with affordable virtual assistants. That way, you will stop feeling overwhelmed and start making more money.