There are three main ingredients to a well-balanced incentive scheme, which determine motivating someone inside an organization continues, rather than fades away in time. These key ingredients are:
1. A mixed package that includes elements, that continually create Motivation.
2. A basic rewards scheme.
3. A variety of short-term schemes that are intentionally varied.
Allowing the change factor in any incentive scheme is paramount to a schemes success. Some incentives include the use of a Company Car, for bigger companies this could be changed, and even introducing different levels of company cars could motivate people.
Other schemes practiced in the current economic climate, include cutting back on original incentive schemes. Often replacing financial rewards with non financial rewards, as many larger companies face the prospect of competing in a fast declining market.
One incentive is the job itself in this type of economic climate, but new incentive schemes could include overtime payments turned into free days or extra holidays. Whilst cutting working hours and even salaries, could be linked with a promise of a gradual pay rise once the economy picks up again.
Cutting back on business lunches could be replaced with an in-company lunch system, were outside caterers provide business lunches, that could be conducted in a specially designed lunch room for visitors.
Incentives still motivate employees, perhaps in the future these incentives may not be as financially rewarding or as complete as in the past. But motivation levels inside an organization are not always wage or salary orientated, even in a prolonged recession.
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