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The Power of Incentives

What do the following things have in common?

  • Ski trip to Richard Branson’s Lodge in Verbier
  • Ted Baker Suit
  • X-Box
  • Selfridges Vouchers
  • iPod Touch

You wouldn’t be mistaken in thinking that these are the items on the credit card bill of your average millionaire. In fact, what all of these things have in common is that they are all reward incentives available to members of the team at UKFast.

In the debate of monetary vs. non-monetary incentives it is believed that there is greater value to team members of tangible gifts and rewards over extra money in the bank.  What these incentives provide is a short-term goal to work towards and a material reward that is directly linked to an exceptional career achievement.

It is the job of the company to understand what motivates their team and provide rewards that are meaningful when achieving extraordinary things in the workplace.  Knowing your team inside-out and offering prizes and incentives to them that match their personalities can create a momentum and excitement towards achieving targets that other rewards simply cannot provide. What is perhaps even more effective is if these rewards relate to a whole team – who can collectively work towards a goal and share the benefits.

But aside from prizes and holidays, incentives that are non-tangible can be even more powerful.  Giving employees the ability and voice to make changes in the workplace and creating a sense of community within the company can be some of the most powerful motivators.  It stands to reason that team members who feel they can make a real difference will make more efforts to do so.  UKFast holds regular focus groups where team members can make suggestions about how to further improve the day-to-day running of their department and the company as a whole.  Playing an active role in the company encourages people to contribute further in other ways.

So if within your business you’re looking to create a high achieving and motivated team, the first place to start is giving people a voice and allowing them to contribute their ideas to improve your business.  From here both the monetary and non-monetary rewards will follow!

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