A guide to the different types of reward schemes to keep staff motivated

Friday, 01 July 2011 09:33

A guide to the different types of reward schemes to keep staff motivated

A guide to the different types of reward schemes to keep staff motivated

Keeping staff motivated is an essential consideration for any business. Valued and recognised staff typically work more effectively than others, making having a structured motivation scheme in place all the more crucial. But what kinds of initiatives can a firm choose from?

Selecting the right scheme for your staff motivation strategy will largely depend on your individual employees, as incentives do not mean the same thing to everyone. Fortunately, there are a variety of paths your business can go down, so you can select a cost-effective plan that generates real results from your workers.

One such staff recognition policy is an online points scheme. This means that employees will be able to accrue credit for individual projects, whether these are long or short-term.

Once each worker has collected enough points, they will be able to redeem their online tokens in the form of products they want, ranging from experience days and gifts vouchers to CDs and electrical goods.

An added benefit of such schemes is that they also allow you to monitor the performance of individual staff members, teams and departments from a central hub.

Alternatively, you could use gift vouchers to incentivise and reward your workforce. This immensely flexible option allows you to appeal to a broad range of employees, while also showing them the exact value of what they will receive.

With top high street names including Debenhams, HMV and Boots among the 85 UK retailers participating, staff will be able to treat themselves just how they see fit – meaning their reward can be something that caters exactly to their personal taste.

Similarly, your company could also choose to use travel vouchers as a motivational tool. After all, we all crave breaks away from the workplace, whether it's an overseas getaway in the sun to a trip exploring the sights a little closer to home.

This kind of coupon can be put towards a huge variety of holiday products, from flights and airport parking to package breaks, cruises and theme parks.

Easy to redeem and with full ATOL protection, these gift cards can be the ideal way to reward best practice behaviour among your workforce – and thereby encourage this kind of performance to continue and spread among other staff members.

Whichever reward schemes you opt for, you can expect to see a range of tangible, cost-effective benefits for your company. Alongside increased motivation come greater productivity, boosted morale and staff loyalty.



blog comments powered by Disqus

Finance articles

  • Top 5 uses for employee incentive schemes

    A well-designed incentive scheme for employees is a good way to motivate staff and help your company move towards its goals. There are a number of different ways they can be used and, if you pick the right ones, you will find such programmes are a cost-effective way to improve performance.

  • Low cost ways to improve employee benefits schemes

    Opportunities to reward your workforce will be in short supply if your company has been hit by the recession. However, there are still some small steps you can take to improve employee benefits packages without putting too much financial strain on the business.

  • Why set up a staff retention scheme?

    Staff retention is an issue all companies have to deal with, as losing key workers is both expensive and disruptive. There are ways to reduce the number of employees who leave and not all of them will break the bank.

  • How should staff reward schemes be organised?

    With money tight in the current tough economic climate, companies are looking at alternatives to pay rises to keep their employees motivated. Among the options to consider are staff reward schemes that demonstrate to workers that they are valued by the business.

  • What do customers look for in a business?

    With many people finding it difficult to manage their finances in the tough economic climate, it is easy to assume that price is the only factor that can help attract the public to your business. However, you may be surprised to discover how important service is to customers.

View More Articles

Related stories

Clegg unveils "Youth Contract" for jobs

Nick Clegg has unveiled new plans to tackle youth unemployment

The Deputy Prime Minister, Nick Clegg, has unveiled a Youth Contract in which the government will pay firms incentives to take on young people and train them.

Gov plans to help young unemployed unveiled

Government announces youth work experience plans

Government plans to help young people gain more valuable work experience have been unveiled.

Amazon cuts free postage on orders below £10

Amazon has cut free delivery on some products valued under £10

Online retailer Amazon has cut free delivery on some products valued at below £10.

Civil servants get tax breaks paid for by taxpayers

UK taxpayers are picking up the tab for some civil servants tax perks

An investigation by a newspaper has found that taxpayers are picking up the tab for some tax perks given to the most senior civil servants in the country.

Forward Guidance: How will it affect savers and investors?

Mark Carney, the new Governor of the Bank of England

Pete Comley, author of 'The Plan To Deal With The Debts' gives his insight into the new central bank policy of forward guidance on interest rates and what it means for your money.

Student Finances: The top five student bank accounts for 2013

Managing your money as a student helps reduce your student debts

A-level results arrived this week and thousands of students are set to start university next month. Find out what are the best student bank accounts and how to manage your money.

Economy getting greyer

Older people now make up a far higher percentage of the workforce. Image:Thinkstock

Older people's employment rate is higher than before the recession, a new official report shows.

Job vacancies rise as demand for skilled staff surges

Job vacancies are on the rise, according to a new report

A new report shows that demand for both permanent and temporary staff is at its highest level for more than two years and starting salaries are also on the rise.

Newsletter sign up


In addition to the weekly newsletter, which areas of finance would you like to hear from us about:

Tick this box if you would like us to send you promotions from carefully selected third parties.

By signing-up you agree to the terms of use and privacy policy.

sign-up button

Get the latest information on: