Non-financial rewards can be a very effective way to boost employee loyalty while rewarding your top performers, says Teresa Campbell. Recruitment is almost always a costly business for employers. Hiring, training and developing new employees takes time and money. So, when you have invested in putting a team together, it makes sense to think about what you can do to boost employee loyalty long term so you don't have to repeat the process if your turnover become high. Many business owners worry that they cannot offer sufficiently attractive bonuses and pay rises to hold on to their best performers. It is true that in a competitive market there will always be opportunities for good people to move on. So, if money is the only motivator, the chances are you will lose your best people over time. However, non-financial rewards are increasingly important in today’s market. By taking the time to identify and implement appropriate reward structures, you can boost employee loyalty, saving your business time and money in the long run. Autonomy When your employees have autonomy in their roles and see that you recognise and value their contribution, this in itself boosts loyalty. If they have input into the direction their role heads and maps out how they want to get there, an employee can feel more invested and like their job has purpose. Offering volunteer opportunities also allows employees to give back to their local community, and gives them a feeling like they and their company contribute to the world beyond their sector and back to their community. Development It's important to offer development opportunities such as training, mentoring, and project work to employees who want to take advantage of them. Not only will your employees feel supported, but the productivity and knowledge of your workforce will grow. In the same vain, offering assistence with education or exam fees, or personal skills development can also incentivise staff to stay put. Flexibility Our lives are a bit hectic these days, so offering flexibility for employees to vary their start and finish times or to work from home if appropriate could be seen as a big benefit getting new, top performers in the door and encourage them to stay. Community building Aside from the in-office benefits, it's good to consider offering staff days out, such as family picnics and gatherings, support for sport activities like a rugby or football team and rewards for long service in the company. Company support Often times, there are fees employees pay out because of their employment that could cost less the company less than a significant bump in salary but still give back to employees, such as paying for professional subscriptions or membership fees, enrolling in tax saving schemes for annual or monthly bus/rail travel passes, partaking in cycle to work schemes, offering company vehicles, extra annual leave or medical check-ups in the office. Seek advice Before deciding to provide non-financial rewards, it is important to consider the potential tax impact. Failing to structure your rewards correctly could result in a tax liability for you or your employees. For some rewards, tax incentives may be available. Recruitment is key Hiring the right people at the outset will save you time and money in the long-term. Hire for the role, the team and the organisation. Think about your leadership style, bearing in mind that recognition of individual contributions is often the key to securing employee loyalty.  Finally, remember that your employees play a key role in helping your business develop and grow. When the time comes for you to exit, having a loyal team in place is often a key selling point. Teresa Campbell Staff Director of PKF-FPM Accountants Limited.

Summer has finally arrived in Ireland! The skies are clear, the sun is shining (if we're lucky) but you’re stuck in the office, trying not to stare out the window. Don’t worry, we’ve all been there. When the weather outside is warm and sunny, it’s all too easy to imagining yourself strolling down a beach instead of cranking away at your desk. Here are some tips to help you stay focused at work during these warm, summer days. Keep your cool Keeping your cool in warm weather isn't just about attitude – your body needs extra attention too! Becoming too hot in warm weather includes the risk dehydration, overheating and suffering from heat stress, cramps or even exhaustion. Keeping your body cool will also help to keep your mood calm too; heat often exacerbates feelings of stress, tension and frustration. There are many simple and effective ways to stay cool in warm weather and most of them are very easy to achieve. Water, water and more water To stay alert and healthy, water is your best option. If you can't go without caffeine, try drinking a glass of water either side of a cup of coffee. This will help counteract the dehydrating effects of your morning cup of joe. Pick your food wisely Food can keep you cool provided you make the right choices. Fill up on salads, fresh raw food, vegetables and fruit. Avoid eating meat and protein-heavy foods during the heat of the day because these can increase metabolic heat production, which can add to loss of water. Junk food lacks healthy nutrients, is often hot and greasy, and won't give you the energy needed to cope with the heat. If you must eat junk food, keep it for the cooler hours of the day. Reduce the mugginess Whether hand-held or electric, fans can keep you cool by continuously circulating air. Battery-operated fans can be used almost anywhere; at work, at home or on-the-go. Place one around the area you work to keep the air circulating freely and reduce the heavy mugginess that will put you to sleep at your desk. If you’re lucky enough to sit close to a window or someone with one, open it up for a bit during the day. It might not be quite as good as actually being outside, but it's close and can help you feel as though you’re actually experiencing the warm weather. Being able to enjoy the fresh air from your desk will allow you to focus on your work, rather than gazing forlornly out at the sun. Get outside What better way to beat summer fever than getting out into the sun? It’ll be much easier to head into the office in the morning if you know you’re going to take a walk to the park during your lunch hour. You might even find yourself more motivated to complete your tasks if you know you’ll be heading outside for a short walk in a few hours. The more you can incorporate the outdoors into your work this time of year, the happier you’ll be and the less likely you’ll be to start daydreaming about the beach instead of working on your progress reports. Take your meetings outdoors Need to meet with a colleague? See if they want to run across the street to get coffee or take a walk around the block while you strategise. Need to reconnect with a client? Schedule a lunch at a restaurant with a patio. You’ll kill two birds with one stone by getting work done while you enjoy the weather and chances are your colleagues, clients or vendors will jump at the chance to get outside just as much as you will. (In fact, it might just be a great way to catch up with someone who’s been hard to get a hold of.) Make the most of your time off Now that the weather is nice, seize the opportunity to enjoy the outdoors. Leave your house or apartment and get out into nature. Go hiking, biking or walking; whatever tickles your fancy. Getting out in the fresh air in the evenings and on the weekends will make it easier to focus when you return to the office on Monday. Plan a holiday It’s summer, the one time of year when the hectic corporate pace slows down a bit. People are expected to take time off during this time of year and you should take advantage of it. You don’t have to break the bank - planning a road trip to visit friends or renting a cottage in a neighbouring county can be an inexpensive way to take a break from work and enjoy the weather. You will be more motivated to work hard and get your job done if you know you’ve got a nice reward on the horizon to look forward to. Jay Davitt is an Accountancy & Finance Manager at Morgan McKinley. 

A young County Down Chartered Accountant has won the ‘Young Chartered Star’ 2018 competition and will represent the Irish Chartered Accountancy profession at the ‘One Young World’ conference in The Hague in the Netherlands later this year.  Chartered Accountants Ireland congratulates Michael Walls, who will represent the Institute at the prestigious international conference from 17 - 20 October 2018. Above: Michael Walls with Chartered Accountants Ireland President Feargal McCormack Michael, 34, from Hilltown, County Down, qualified as a Chartered Accountant in 2011. He trained with KPMG in Belfast and worked in industry for a number of years. His most recent role saw him become Finance Director with UrbanVolt. Michael has since stepped down from his full-time role at UrbanVolt to pursue his own business venture. To enter the competition, Michael wrote an article on his career and particularly impressed the judging panel with his activity as an advocate for the Chartered Accountancy qualification, and his honest portrayal of his path to qualification. The panel also noted his involvement with the Young Professionals Committee as Chair in 2014. Michael Walls said: “I am thrilled that the judges have chosen me as the Young Chartered Star 2018, given the high quality of entries from the other candidates. I’m looking forward to representing Chartered Accountants Ireland at the One Young World Summit this October at The Hague.  “As a proud Chartered Accountant, I am looking forward to meeting young leaders from around the world, and showing them that Irish Chartered Accountants are a very diverse group, intent on making a positive impact on the economy, the environment and people’s lives.” Chartered Accountants Ireland President Feargal McCormack commented: “It’s truly impressive to meet young members and students like Michael, with such inspiring and fascinating stories of how the Chartered Accountancy qualification has helped them to succeed.  While the judging panel were impressed by all the final applicants, Michael Walls stood out as an outstanding candidate for the Young Chartered Star accolade.  With future business leaders of the calibre of Michael, I believe that our profession can look to the future with optimism." Michael will join representatives from ICAEW (England & Wales), SAICA (South Africa) Chartered Accountants Australia and New Zealand and ISCA (Singapore) at the One Young World conference. Ends Reference:   Garry Webb, Communications Executive, garry.webb@charteredaccountants.ie; Phone 00 44 7841 152045 Notes to editors About Chartered Accountants Ireland: Chartered Accountants Ireland is Ireland’s largest and longest established professional body of accountants founded in 1888.  The Institute, which is an all-island body, currently represents over 26,500 members around the world.  Chartered Accountants Ireland is a founding member of Chartered Accountants Worldwide, the global alliance of Chartered bodies representing 600,000 members and one million students and collectively promotes the Chartered Accountant designation. About Young Chartered Star: Chartered Accountants Ireland’s ‘Young Chartered Star’ (YCS) recognises exceptional achievement amongst its trainees and members aged 35 years or under. The award gives student and members the opportunity to share their experiences and ideas among the wider Chartered Accountants Ireland membership, with the successful candidate invited to attend the prestigious annual ‘One Young World’ summit. YCS is awarded to someone who will lead, motivate and inspire the next generation. Members and students under the age of 35 entered by writing an article on LinkedIn to detail their career path to date, the impact of the Chartered Accountancy qualification on their life, as well as their future ambitions and advice for anyone considering Chartered Accountancy as a career. About One Young World: One Young World is an international conference that brings together inspiring young people from 190+ countries that are committed to making a difference. The summit will take place in The Hague, the Netherlands on 17 - 20 October 2018. One Young World provides a platform for young leaders to speak alongside Presidents, Nobel Prize Winners, Global business leaders and other inspiring global leaders. Delegates are an international cohort, sharing their impactful work, personal experiences, views and opinions with around 1,300 Summit attendees and an audience watching around the world.