Corporate incentive programmes: Don’t splash the cash

I talk to a lot of people about corporate incentive programmes and the conversation doesn’t usually take long to get round to the subject of employee rewards. Often I hear the words “we give our staff cash because that’s what they want”.
 
This is true. Ask a sales person this question: what form do you want your corporate incentive reward to take, money or a weekend in Dubai? The answer will almost always be money. But is this the best way to motivate a sales force? The answer is no. Non-cash rewards are a better motivator.
 
Why? An important factor is the way in which people use cash. Regardless of salary and benefits, employees still have financial commitments to meet: mortgages, bills, etc. and, presented with cash rewards, more often than not, this is where the money will go. The sense of reward is lost, and over time, sales floor productivity is affected.
 
Travel, event or merchandise rewards work better. Offer luxury non-cash rewards on which employees would not normally be able to justify spending their money and they will work harder. These rewards can be boasted about and are more tangible.
 
So, companies should think twice about splashing the cash as part of their corporate incentive programmes. Luxury non-cash rewards are more effective.
 
Remember, the only corporate incentive programme that works is a well-planned and well-managed corporate incentive programme.

If you would like Pickled Egg to give your corporate incentive programme a free-of-charge, no commitment health check, contact Ricky on 0370 350 3450.

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