Posted by Ian Saunders on June 29, 2017
When you think of McDonald’s restaurants, what comes to mind? A Big Mac and fries? Chicken McNuggets? What about a great employer which offers career progression and numerous benefits?
It’s probably not how most people would think of the high street staple, but it’s an interesting case study. The ubiquitous fast food chain has developed a reputation as an employer which motivates and rewards its staff and places a great deal of emphasis on employee engagement. In 2014, the multi-national introduced five key values, known as the ‘five vital ingredients to great customer experience’, which forms the basis of its employee reward system which provides workers with benefits.
One such benefit is a bonus strategy which means that each month all employees in the top 10% of restaurants, based on mystery shopper scores, receive a bonus of 50p for each hour they’ve worked over a two-week period. Also, restaurant managers are eligible for a quarterly bonus based on mystery shopper scores, sales growth and profitability. McDonalds allows employees to choose the benefits which suit them and offers different options to suit the different age ranges.
You might not own a business to rival McDonalds in terms of turnover or profile, but it might be worth reviewing your employee benefits strategy to see if there’s more you can do to retain your staff and keep them motivated.
If you require any further guidance then please get in touch with our financial advisers.
Bishop Fleming Independent Financial Advisers is authorised and regulated by the Financial Conduct Authority.