According to a recent survey, employers have increased their corporate employee incentive programs over the past two years. The increase equals to almost 46% in 2012 according to the survey which was undertaken by Berkeley Payment Solutions.
Out of the 767 respondents, almost 82% have used incentives for employees. Incentives such as sales and channel programs (38%), marketing programs (37%), referrals for new customers/employees (34%), contests (28%), customer loyalty/appreciation programs (27%) and customer retention programs (14%). The majority of the respondents felt that the incentives were worthwhile to undertake with some even citing the programs as giving them a competitive edge.
"Our research shows that increasing employee motivation remains a top management priority in the coming year, with the majority of respondents telling us that this is the case within their organization," said David Eason, CEO, Berkeley Payment Solutions. "As a result we are seeing more and more Canadian companies adopt customized employee incentive programs to motivate and retain their employees-and ultimately improve overall company performance."
From those that don’t use incentives, it was budget that was the number one reason for not undertaking an incentive program.
Of the incentives that worked best and to which respondents believed to be the most cost-effective, 32% selected retail gift cards, follow by merchandise (30%) and prepaid credit cards (26%).