STAFF INCENTIVES – IN PRAISE OF PRESENTS

Keeping staff morale high during tough economic times isn’t easy.  Budgets are under pressure which means pay increases aren’t an option, leaving organisations vulnerable to losing key staff..  Tough times demand a fresh look at incentivizing the workforce.

Research shows that what employees say they’re motivated by, and what they actually work hardest for, are two different things.  Cash may be what they say drives them, but in reality, they’re more motivated by non-cash incentives. 

When Goodyear Tyre & Rubber company ran an incentive scheme to boost the sale of tyres, the group that received lifestyle and travel rewards outperformed the group that was offered a monetary incentive by nearly 50% .  Similar results were shown by a survey conducted by Mazda Motors, where the group that was motivated by merchandise and travel points was 15% over their sales targets and the cash reward group managed only 2% over target.  That seems like good news for organisations wanting to keep their workforce motivated and energetic without having the pressure on the bottom-line.

The value of a cash reward can’t be disguised .  It’s placing an actual value on an employee’s performance.  Studies also show that when employees are given cash bonuses, they generally spend them on domestic essentials.  When asked how they spend their last bonus, nearly thirty percent of people admitted to paying bills and eighteen per cent said they couldn’t remember how they spent it.  In the same way that cash bonuses have a clear value, so too do some other non-cash rewards such as gift certificates, personalised gifts, merchandise vouchers and travel awards. 

And that’s where there’s a gap.  Surely there’s a need for an employee incentive that provides winners with something that’s worth far more than its monetary value – something unforgettable and memorable? 

It needs thinking that pushes the envelope.  And it’s quite a challenge, especially when budgets are tight. 

The answer may lie in the inspiration of three young entrepreneurs in Australia who have come up with an online shop that offers a range of compelling experiences that can be used as employee incentives.  Some of the experiential rewards on offer from the BigThanks,com website include exhilarating white water rafting, helicopter tides, abseiling or Hummer rides to courses on how to become a DJ, whip up delicious Thai food, become a barista or simple enjoy a day’s pampering at an exclusive spa.

Of course, all the ideas for gifts certificates come at a cost, but there’s no price on an unforgettable experience.  And there’s no prize for knowing that a motivated workforce is a productive workforce!

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