Over a quarter (27 percent) of UK employees say the hope of receiving a financial bonus is their main motivator. This is perhaps an unsurprising fact, money will always talk, but despite this a large portion of employers do not run any kind of monetary incentivisation programme.
The independent study commissioned by Xactly, a provider of cloud based solutions, revealed that financial incentives are key to engaging employees and boosting productivity.
45 percent of respondents were paid hourly or on a fixed pay rate with no potential for a bonus, and a quarter (25 percent) stated their personal performance is in no way connected to financial incentives.
The scale of the missed motivational opportunity is made clear with respondents who had previously received a bonus, with over two-thirds (69 percent) stating that it motivates them to push towards their next professional goal .
“The UK is currently experiencing a huge productivity challenge,” Tom Castley, ‎vice president EMEA at Xactly comments.
“These findings highlight the gap between what motivates employees and what businesses are doing to engage them. The best way to boost productivity is to boost employee engagement – financial incentives are key. Of course, this isn’t about throwing money at the problem, but smart, performance-based financial reward must be utilised to help the UK pull itself out of the productivity pit,” Castley concluded.
Robert joined the HRreview editorial team in October 2015. After graduating from the University of Salford in 2009 with a BA in Politics, Robert has spent several years working in print and online journalism in Manchester and London. In the past he has been part of editorial teams at Flux Magazine, Mondo*Arc Magazine and The Marine Professional.