Best Way to Reward an Outstanding Employee

LPedsy on 24/04/2019 - 15:35

Hi all,

I have an employee in the R&D team that has, for the last 3 months, gone so far beyond the call of duty it's not funny.
We have recently introduced a new product to market and he has put in massive time to get prototypes ready, rework said prototypes to accommodate design changes and train production workers. He has worked through weekends and late nights to meet deadlines without overtime. He is a star and we would be pretty buggered right now without him. I'm fairly new to the management game and haven't had experience with this sort of thing. Can you guys suggest some ways that might be nice to acknowledge his efforts? We are a smallish company (30-50 staff) so I'm not going to be spending crazy money.

Education & Work

Comments

  • Raheen on 27/04/2019 - 21:55

    Host a work event with them in Thailand an go nuts in all the naughty places then right it off as a business expense

  • willyroo on 29/04/2019 - 16:56

    The OP needs to do some research on the value of the R&D Tax Incentive. Depending on the turnover of the company, this could put 13.5% of the R&D expenditure on the bottom line, as cash from the ATO. It could be as high as 41% (big *) if the company is in a loss situation.

    If the company properly documents the R&D process, it may then have a serious amount of extra cash to use for a cash incentive, in conjunction with a strong upside employee share incentive scheme.

    (Big asterisk - the extra 27.5% refundable tax credit is best thought of as an interest free loan from the ATO)

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