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Flexible working options and the "recognition" of good work are more effective incentives for employees than financial bonuses, one industry expert has emphasised.
Alan Townsend, chief operations officer of Monster UK and Ireland, acknowledged that the typical business start-up is less able to offer a comprehensive benefits package than larger companies.
However, he emphasised that even a firm which has recently undergone company formation can offer the sort of flexible working arrangements that employees find so important.
A recent Monster poll showed that 60 per cent of respondents rate flexible working as their most desirable benefit, while only 22 per cent would prefer a bonus and 14 per cent a pension or healthcare.
Mr Townsend explained: "Small businesses are generally just as capable as large corporations of enabling employees to work flexibly.
"In many instances, smaller companies are more flexible as they look to save costs on office space."
He also emphasised that non-financial benefits can make a big difference, continuing: "Gestures such as recognition of good work at staff meetings, birthdays off work and a relaxed dress code on Fridays are non-financial benefits that are highly appreciated and can make small businesses attractive to prospective employees."
Certain financial benefits can be provided by small businesses relatively simply and easily.
Good pension schemes through external providers, for example, can offer small firm employees a level of security without involving large amounts of time-consuming administrative work.
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