Non-financial rewards proving increasingly popularLondon, UK, 16th April, 2014 – YouGov research commissioned by on-demand sales compensation and performance management provider Xactly, has revealed that non-financial rewards are proving increasingly popular tools with businesses in Britain across a range of sectors.
The survey of over 600 senior business decision makers, found 58% of businesses offer non-financial rewards, varying from gift vouchers (20%), time-off (19%), specialdays out (18%) and paid-for holidays (13%). Of these, 75% said these rewards have had a positive impact on the culture of their company. However the most commonly used non-financial reward was simply offering recognition of achievements, used by 34% of respondents.
In fact, over time money proves to be less of a motivator as we age, with nearly a quarter (23%) of respondents stating that they think Sales team members aged 48 years and over prefer non-financial rewards compared to just 8% of those aged 20-35.
Christopher W. Cabrera, Founder & CEO, Xactly and Author of Game the Plan: Every Sales Rep’s Dream; Every CFO’s Nightmare, said, “Money isn’t everything. We have long known that cash alone is not the only motivator, but it is great to see this backed up by the data. This highlights the importance of UK firms offering a variety of different rewards to get the most from their teams. It’s time business leaders explored additional ways to reward their employees’ efforts. Something as simple as a structure for recognition can make a huge difference in ensuring teams stay motivated and produce winning results.”
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 605 senior business decision makers . Fieldwork was undertaken between 6th - 11th March 2014. The survey was carried out online. The figures have been weighted and are representative of company size.
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With Xactly, companies of all sizes and industries can unleash the motivational power of their incentive compensation programs to inspire better employee performance and business results. Xactly’s secure, cloud-based incentive compensation and performance management solutions enable emerging businesses to Fortune 500s to easily design, manage and optimise incentive programs that save time, cut costs, reduce risk and align employee behaviours with corporate goals.
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