To be at the cutting edge of incentive programme design and execution, Uwin Iwin International, one of the incentive leaders on the African continent, keeps a close eye on the incentive industry, thereby ensuring that we offer the very best in incentive solutions to our myriad of customers.
We have recently embarked on a research project and would like to highlight an interesting finding uncovered by Ask Afrika, our research partner. The question we look at is: Do companies actually find incentives useful?
The following figures give a good picture of how employers see the value of incentives:
• Of respondents, 74% recognise that there is a need for incentive programmes, citing that it motivates employees, helps employees feel valued, helps employees reach goals, assists with employee retention, and helps with financial burdens. • One respondent noted that whereas the market for incentives was considerable, “a lot of companies are not getting [incentives] right” despite having a programme in place. • Respondents further acknowledged that small and struggling companies should implement an incentive programme, even if it is informal and the rewards offered are smaller.
Effectiveness of Incentive Programmes In terms of the various areas where a good incentive programme plays a pivotal role, HR personnel were asked to give feedback concerning the effectiveness of incentives in achieving programme objectives:
• Employee motivation: 77%
• Employee performance: 79%
• Employee engagement: 73%
• Employee satisfaction: 72%
• Employee retention: 64%
The above results are extremely encouraging, and prove beyond reasonable doubt that having an effective, well-designed, and wellexecuted incentive programme impacts very positively upon a business.
We should look to incentive programme participants to gain some insight into their individual experiences of how programmes influence them:
• I feel proud when I get an incentive: 82% • Job satisfaction motivates me: 85% • An incentive programme motivates me to
work harder: 81%
• I will go the extra mile in my job for an
• The incentive programme is very
important to me and my family: 77% • Incentive programmes make me stay loyal to my company: 63%
These responses from programme participants reflect that they appreciate the incentive programme and find it motivational.
Our buying analytics have also picked up that between the period of the 25th of a month to the 11th of the next, incentive spend is focussed on mainly personal rewards and after the 11th, spend is directed towards mainly food retailers. This shows the value of an incentive during more strenuous times, as it adds some relief to certain tough periods.
As the above research indicates, incentives are extremely powerful in providing motivation, increasing revenues, and retaining valuable and experienced staff members.
For more information, visit uwiniwin.net or email gus[email protected]win.co.za.