In challenging economic times, keeping staff morale up is a tough ask.  Salary increases aren’t always possible, and that can put organisations under pressure when it comes to retaining key staff..  Difficult times call for a fresh look at retaining staff.

Research has repeatedly shown that when it comes to incentives, what staff say and what they actually work hardest to receive are often totally different.  While they say they’re galvanized by cash, they actually work harder when they’re striving for a non-cash incentive. 

A study by the Goodyear Tyre & Rubber Group found that the group that was incentivized to sell tyres with lifestyle and travel rewards outperformed the group that was offered a cash incentive by nearly fifty per cent .  A similar result was revealed in a survey by Mazda Motors, where the merchandise and travel points group was 15% over target and the cash reward group only two percent.  Now isn’t that good news for firms wanting to keep their teams motivated but without the pressure on the bottom line?.

The value of a monetary incentive can’t be hidden .  It’s placing an actual value on an employee’s performance.  And it’s interesting to note that research shows that most people spend their bonuses on essentials.  Nearly 30% of survey respondents who were asked how they spent their last cash reward admitted putting it towards domestic bills, while 18% said they couldn’t remember.  Like cash, other types of incentives such as gift vouchers and merchandise vouchers still have a definite value attached to them which is finite. 

And that’s where there’s opportunity.  Surely there’s a need for employee rewards that give the winners something far more valuable than money – something that doesn’t cost the earth, but that means the world? 

It requires some creative and inspirational thought.  And with budgets tight – imaginations have to loosen up. 

The solution may be at our fingertips in the form of an online shopping website, established by three entrepreneurial Australians who offer experiences that someone wouldn’t ordinarily seek out themselves but that are compelling and aspirational – and perfect as employee incentives.  The experiential rewards on offer from the team at BigThanks.com cover all bases – from culinary pursuits such as cooking courses, wine appreciation and coffee-making to adventures for thrill seekers such as abseiling, kayaking, white water rafting and stunt car driving.

Gift vouchers for an outing on a growling Harley Davidson or a relaxing cruise on a yacht may cost an organisation the same in monetary terms as a cash bonus, but it’s not possible to put a price on just how much a unique and possibly life-changing experience could inspire and motivate the recipient.  And no research is required to convince an organisation that a motivated employee is a productive one!

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