Incentives in a changing world
The Covid-19 pandemic has forced rapid change on all organisations. Remote working is here to stay for many companies. The technology sector is leading the business world. Its growth has accelerated as “virtual” communication becomes essential.
Reward and recognition have increased in significance in the “new normal”. The most successful companies are setting the trends. Effective leadership now relies even more on personal interaction and engagement with employees and channel partners.
Incentives survey results
The latest report from The Incentive Research Foundation, “What Top Performing Technology Companies Do Differently in Incentives and Rewards” was published on 26th August 2020.
The report shows that top performing companies using incentives in the technology sector are:
- recognising the value of personalisation
- making rewards more flexible
- rewarding a larger proportion of participants
- investing more to make incentives effective
- offering more group incentive awards
The report makes detailed comparisons between the top technology companies and the rest of the sector. It shows how incentives and rewards differentiate the most successful companies from the rest.
Making rewards work for you
The evidence is clear that incentives work for many of the world’s leading companies. Changing work patterns caused by Covid-19 make recognition and reward essential. Morale and motivation need greater support.
94% of top performing companies in the IRF survey said that they were strong supporters of reward and recognition as a competitive advantage.
At PAEM we are using our experience of incentives to adapt solutions to a new post-pandemic world. Travel is still a great motivator. Remote working gives live events increased value by bringing people together. More people need recognition and a wide range of awards is available.