Employee incentive schemes failing badly
Startling finding from survey of Top 100 companies to work for
A little over a third (38%) of ‘Top 100 best companies to work for in the UK’
believe their staff reward and remuneration schemes are successful, according to
a Grant Thornton’s Growth and Strategic Services survey.
Jim Rogers, head of growth and strategic services at Grant Thornton, said the
team was ‘astounded’ by the findings.
‘We had expected this figure to be much higher in these companies. Perhaps,
despite their success, they are still missing a few tricks in terms of making
the best use of the various incentivisation tools available,’ he said.
Of the remainder, 47% of businesses felt that they were achieving partial
success through their reward strategies, 12% felt they were marginally
successful while 3% felt that they had no impact on their business objectives at
all.
Not surprisingly, two thirds (66%) of companies surveyed said that they would
review their reward and remuneration strategy over the coming year.
The survey also found that the most popular rewards are flexible working
times, followed by formal recognition/awards and ad-hoc benefits such as
Christmas parties, performance related bonuses and extra holidays.