'Dollars in and of themselves don't necessarily create effective motivation that translates into real-world results'
A good incentive scheme will align employees with organisation goals and boost performance in the process — but many HR professionals don’t get the desired results from their incentive schemes.
In an exclusive article published by HRD in partnership with Strategic Pay, the remuneration specialists reveal their secrets to developing an effective incentive scheme.
Download the FREE exclusive feature now: “Building your business with better incentives”
Incentive schemes are widely used to align employee efforts with organisational goals by rewarding the achievement of desired results – but are leaders using them as effectively as possible?
“A reward program is a vehicle for communicating to your staff what the organisation as a whole values,” said Michelle Read, manager at Strategic Pay told HRD. “One of the things we believe at Strategic Pay is that dollars in and of themselves don’t necessarily create effective motivation that translates into real-world results. It’s a common misconception that this is how things work, but there are more factors at play.”
Strategic Pay is able to assist in reviewing a current incentive plan, or can help to design and implement an incentive plan that’s right for your organisation, says Read.
“We have New Zealand’s largest remuneration database, so we can model the impact of the incentive scheme against a number of industries and show how competitive the organisation’s rewards are,” she says. “We’ve also got a great understanding of diverse business models and can work with companies to design an incentive framework customised to their strategic goals.”
Download the FREE exclusive feature “Building your business with better incentives” now and gain insight into:
- How incentive schemes are a statement of company values
- The difference between intrinsic and extrinsic motivators – and why you need to leverage them in your workplace
- The important difference between discretionary bonuses vs incentive pay
- Why employee incentive schemes are actually an investment, not an expense
- How your current staff incentive scheme might be setting you up for failure
