A shocking new study by the B2B division of Staples Inc. (Staples Advantage), reports surprising benefits of Gainsharing-type incentive systems.
This study discovered that one-third of office workers would be willing to work an additional week each year if their company would implement a system that financially rewards employees meeting performance-based milestones!
This study also confirmed that these systems can increase performance and morale.
But who would have expected that employees would work an additional week each year to have such a system implemented at their company!
I find that to be surprising and yet congruent with my personal experience at the same time.
This study also reported the following benefits for companies that already have incentive systems:
Employees:
- Feel more valued (85%)
- Are happier and more motivated to work (70%)
- Are more loyal to their company (65%)
- Are more productive and able to get better results (about 60%)
This study also found that incentive systems are a powerful recruitment tool. They reported that 70% of employees at companies without incentive systems would love to work for a company that does have one.
Additionally, they reported that employees would be willing to make the following sacrifices if their company would begin an incentive system:
- 30% said they would take on extra responsibilities
- More than 40% would be in favor of forgoing the annual holiday party
It’s great to see concrete support for results that many companies have achieved.
If your company doesn’t have a Pay-for-Performance system for everyone, this study indicates you’re at a serious disadvantage.
Below are a couple options to “put your toe in the water” and explore the issue and gather information.
