“If companies are slowing down their hiring efforts, it may be that productivity is on the rise at long last. However, more can always be done to improve further and ensure that any rising productivity levels are consistent – something that can be a huge challenge for businesses. Our recent research found that, for over a quarter of UK employees, a financial bonus is their main motivator, yet a large portion of employers do not run any kind of monetary incentivisation programme. In order to boost productivity, businesses must boost employee engagement, and for this, financial incentives are clearly key.
“This isn’t about throwing money at the problem, but instead requires smart, performance-based financial rewards. Businesses must assess their workforce and identify what they need to do to be successful, decide on the corporate metrics to monitor and apply technology that can automate and monetize the execution against those goals. It is vital for organisations to ditch the ‘one size fits all’ approach and tailor their compensation schemes to positively encourage their satisfied and motivated workforce. This will enable leaders to better motivate their teams, improve the company culture and ultimately increase productivity.”