Salaries and job security rising in importance

Capital Incentives & Motivation survey also shows:

More companies offering incentive schemes but employees not consulted on choice of rewards

Many organisations reward those who do not achieve targets

Salaries and job security have overtaken effective leadership and a good relationship with the boss as the most motivating factors for people at work in the last twelve months. There has also been a significant rise in the percentage of companies offering reward schemes.

These are among the revealing insights to emerge from the fourth annual motivation survey published by Capital Incentives & Motivation Ltd, the leading incentive and motivation specialists.

Being treated fairly at work is most important to us
Being treated fairly and having good relationships with colleagues remain top priorities as the most motivating factors in the workplace. However, the most notable changes over the last twelve months are the importance of salaries which rose from fifth when very important to 47% of participants to third, now very important to 57%. Job security is highly important to 52% of participants compared with 42% a year ago and good benefits were important to 23% of participants which has risen to 47% now.

More companies offer staff incentives
The results also show that the proportion of employees whose companies offer reward schemes increased significantly from 47% to 68%. However, only 22% of companies consult their employees about what type of reward they would like before finalising the scheme.

When asked about the types of awards received, the answers from participants revealed that the proportion of companies offering cash as
rewards has remained fairly static at 15% to 16% but the number of
companies offering vouchers has increased from 31% to 48%.
24% of companies reward those who miss targets
Surprisingly, many companies are relaxed about achieving targets. The survey shows that 24% of companies still give rewards to employees even if they have not achieved their target. However, 67% of companies do follow up with employees who are under performing.

Graham Povey, Managing Director of Capital Incentives & Motivation observes, This is a very revealing picture of rewards and motivation in business today. Pay and job security have jumped up in importance compared with recent years ahead of good leadership and the increase in companies offering incentives has risen dramatically.

With high levels of employment, it is becoming increasingly difficult to retain good employees. Clearly, many companies are realising that an effective motivation scheme is an excellent method of reducing staff turnover and retaining your best people.

Overall, I am encouraged by what I believe are generally upward trends in the motivation industry.