To be at the cutting edge of incentive programme design and execution, Uwin Iwin International, one of the incentive leaders on the African continent keeps a close eye on the incentive industry, thereby ensuring that we offer the very best in incentive solutions to our myriad of customers. We have recently embarked on a research project and would like to highlight an interesting finding uncovered by Ask Afrika, our research partner. The question we look at this time round is, “Do companies actually find incentives useful?”
The following figures give a good picture of how employers see the value of incentives into their respective organisations:
- 74% of respondents recognise that there is a need for a incentive programme, citing that: it motivates employees, helps employees feel valued, helps employees reach goals, assists with employee retention, and helps with financial burdens.
- One respondent noted that whereas the market for incentives was considerable, “a lot of companies are not getting [incentives] right” despite having a programme in place.
- Respondents further acknowledged that small and struggling companies should implement an incentive programme, even if it is informal and the rewards offered are small.
Our buying analytics have also picked up that between the period of the 25th to the 11th of each month, incentive spend is focused on mainly personal rewards and after the 11th, spend is directed towards mainly food retailers. This shows the value of an incentive during more strenuous times, as it adds some relief to certain tough periods.
Why you need incentives in your business
Cost-cutting is common during an economic downturn, but be prudent when applying this to incentives. As the research indicates, incentives provide motivation, increase revenues and retain valuable and experienced staff members. Moreover, employees and channel partners value incentive programmes and reducing them could create dissatisfaction.
For further information or advice on your incentive programme, contact Uwin Iwin, and start a fruitful conversation.
Employee Perceptions of their current Incentive Programme
The responses from programme participants reflect that they appreciate the incentive programme and find it motivational.
- I feel proud when I get an incentive: 82%
- Job satisfaction motivates me: 85%
- An incentive programme motivates me to work harder: 81%
- I will go the extra mile in my job for an incentive: 78%
- The incentive programme is very important to me and my family: 77%
- Incentive programmes make me stay loyal to my company: 63%
Rating of Effectiveness of Incentive Programme
HR personnel were asked to give feedback concerning the effectiveness of incentives in achieving programme objectives. Below are the figures that correlate to each objective:
- Employee motivation: 77%
- Employee performance: 79%
- Employee engagement: 73%
- Employee satisfaction: 72%
- Employee retention: 64%
These results are encouraging, and prove that having an effective, well-designed and well-executed incentive programme in place impacts very positively upon the business.
For more information, please visit uwiniwin.net or call +27 (0)11 557 5700