In­cen­tive Im­por­tance

Premier Magazine (South AFrica) - - Contents - Text: Uwin Iwin Im­age © Getty

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?

Recog­nis­ing Value

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

in­cen­tive: 78%

• 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 uwini­ or email gus­[email protected]­

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