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TECHNOLOGY: Points mean prizes

In an increasingly competitive market, retaining your business's key members of staff and promoting higher levels of performance are business imperatives that drive your sales. Research suggests that it costs 13 times more to recruit new staff than retain existing employees. Also, competitive salaries are now not enough on their own to promote company loyalty. The incentive schemes that have developed over recent years offer you a powerful tool to motivate your staff and also key partners in your sector, which in turn can improve sales over the long term.

Dan Kelly, business development manager at Corporate Rewards, says, “Incentives and motivation have been around in one format or another since people started to do business together. All business relationships are formed out of the need for a mutual reward and therefore there has always been an 'incentive' to work together. The main difference today is that the incentive and motivation process has become more professional and targeted in its approach and thus its value has become recognised from the boardroom down as an integral part of any businesses strategy.”

Research into motivation has provided insight into how this process operates. Employees and business partners consistently cite a need to feel valued by their employers or business partners. In many cases, employees place the acknowledgment of their value before their pay or job security. Incentive and motivation schemes therefore have a clear position within an organisation.