A recent survey conducted by Crone Corkill, an Advantage Professional company, of 550 office support professionals within London, found that bonuses and reward- based pay are the most influential factors when deciding to apply for a job.
With over half of the vote, bonuses and reward-based pay were the clear winners. Pension schemes took second place, with just under a quarter of respondents marking this as their number one incentive. Healthcare came third with 20%, while just over two per cent said a company car and gym membership is the all important clincher for them.
Gabrielle Drake, Associate Director of Crone Corkill, an Advantage Professional company, commented:”Gone are the days when salary was enough to recruit and retain top talent for your business; providing attractive employee benefits is now just as important.”
Today, companies are increasingly working to understand what makes their employees tick. This allows them to create an optimum benefits package that attracts and retains a wide range of individuals.
Forget the debates about what motivates Generation X, Y and Z. In today’s economic climate many of us are still very much motivated by money! Whilst the need for recognition for a job well done, promotion and/or professional development or training are key drivers; employers would be foolish to believe that incentive based pay does not still play a key role in employee satisfaction. The recession and the prospect of increasing inflation and living costs means that for many ‘cash is king’.
Employers should regularly dust off their remuneration policies to ensure their pay grades for salary and bonus/commission schemes are competitive and aligned to their business strategy.
http://www.geniushr.co.uk
Absolutely agree: as with most cases what you pay for is what you get!
If employers are looking for employees that will really drive value and help drive the organisation forward, then they need to respect the skills and capabilities required to do so and remunerate appropriately. People work to earn a living first and foremost and that mustn’t be forgotten!