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Incentives are EVIL?
Incentives are EVIL?
Incentives are EVIL?
Incentives are EVIL?
Incentives are EVIL?
Incentives are EVIL?
Incentives are EVIL?
Incentives are EVIL?
Incentives are EVIL?
Incentives are EVIL?
Incentives are EVIL?
Incentives are EVIL?
Incentives are EVIL?
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Incentives are EVIL?

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‘Incentives are EVIL’ – this may sound like an extreme view, but read on and you may be surprised...

‘Incentives are EVIL’ – this may sound like an extreme view, but read on and you may be surprised...

Published in: Marketing, Business, Technology
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  • 1. corporaterewards.co.uk Incentives are EVIL Dan Kelly, Sales and Marketing Director, Corporate Rewards
  • 2. Incentives are EVIL • Dan Kelly, Sales and Marketing Director at award-winning incentive recognition and reward, motivation and events agency Corporate Rewards, presents the changing perceptions of incentive programmes • “Incentives are EVIL”. This may sound like an extreme view, but you may be surprised...
  • 3. Opposing views • Incentive schemes can be divisive, provoking opposing views: – Those who view them positively and believe in the benefits – Those who are ambivalent, perhaps even disinterested – Those who consider incentives to be an unnecessary, timeconsuming, admin-generating evil • Those in the latter category generally believe that employees shouldn’t be rewarded for simply doing their jobs; what are they paid for? Why give them more? What’s wrong with commission? • And so on...
  • 4. Driving productivity • Research proves that incentives and rewards increase productivity more than commission. Why? – Commission is perceived as a salary extension – Incentives are viewed as a bonus - recognition for going the extra mile • The frequent inclusion of commission in job ads presents it as a part of a standard package • Incentives exist to reward over-achievement and therefore drive overachievement!
  • 5. Good & bad • Poorly executed incentive schemes can create negative feedback • Getting it right can positively impact your bottom line • Successful incentive schemes are strategically embraced and driven from the top • Love them or loathe them, incentives now play a huge role in today’s competitive business culture • Used well, they will: – promote business growth – attract and retain the best employees
  • 6. Why incentives? • Commission is basically cold, hard cash • ‘Incentive’ and ‘recognition’ are emotive words, triggering: – Passion – Accomplishment – Satisfaction – Motivation
  • 7. The history • Historic poor use of incentive schemes has generated negativity • Most negative feelings date back to early, experimental initiatives • Drivers of this ‘evil’ image were: – increased admin – high costs – complex arrangements • These are no longer a part of the incentives world • In the past three or four years online schemes have facilitated a shift into genuine business benefits
  • 8. The next generation • The next business generation will be the internet generation • The internet is your quickest and most direct route to your staff • 10 years ago social media hardly featured. Now: – Facebook has 995million users – Twitter sees over one billion tweets every three days – Four million YouTube views take place every day – Amazon has 75million unique visitors every month. • It’s why businesses are embracing online culture in every way they can
  • 9. Why online? • ‘Switched-on’ businesses are turning to online incentive platforms for: – Ease of use – Affordability – Quick impact – Taking the ‘evil’ out of incentives • We recognise this is how the world communicates now • It’s the driving force behind our own bespoke, easy-to-manage online platform
  • 10. Online benefits • Managing incentive schemes online reduces admin through: – integrated reporting tools – dashboard reporting – putting management information at your fingertips • Performance is easily tracked and rewards are facilitated quickly by: – online catalogue – e-vouchers – prepaid cards • The upshot is: – reduction in costs – no drain on resource • Only an online system could deliver these benefits quickly and efficiently, without complex processes
  • 11. EVIL can be good! • Going online is the ‘good’ approach, negating the ‘evil’ of old • However sometimes there’s no harm in evil, as long as you know what it really means... • Incentives and rewards should – be Engaging – add Value – Increase revenue – provide Longevity in relationships • Used correctly, incentives are a necessary evil that deliver £££ to your bottom line!
  • 12. Find out more www.corporaterewards.co.uk/blog @CorpRewards Connect with corporate-rewards-uk Call us 0370 405 2020 Let’s start the conversation
  • 13. Call us 0370 405 2020 8 The Courtyard, Timothy’s Bridge Road, Stratford-upon-Avon, Warwickshire. CV37 9NP email us enquiries@corporaterewards.co.uk corporaterewards.co.uk

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