The government’s recent rhetoric on remuneration – particularly in the City – has preached restraint. Bankers, the government hopes, will rein in their bonuses and keep British taxpayers happy.
Whether this will actually be the case remains to be seen – in fact we’ll find out this week. But, whatever happens in the world of banking bonuses, the government’s austerity measures have caused many small and medium-sized enterprises to rethink their bonus schemes.
And with business owners wanting to maintain morale in the office space without breaking the bank, innovative solutions are called for.
According to Andy Vinsen, commercial director at Keith Prowse, corporate hospitality could be a great way to boost engagement and keep staff onboard.
Writing for HR Magazine, Mr Vinsen said: “The past year has seen the emergence of a new breed of experiential package.”
He added: “This will be the year when corporate hospitality becomes the ultimate employee [as opposed to client] incentive.”
But for some, only a bonus will do, with the Institute of Leadership & Management claiming that the majority of workers see fiscal remuneration as the best way to keep them engaged.