What style of incentive works best?
Working for a recruitment firm can seem very lucrative; the phrase ‘Work hard, Play hard’ always comes to mind.
It’s a known fact that most Recruitment Directors use money, or financial incentives to motivate their consultants to help them recruit and feel rewarded. The problem with that is that most consultants are emotional decision makers, who are motivated more by what you do for them than what you offer to them in the way of money.
You should adapt the incentive model to suit your company and employees. At Streamline we carry out an annual internal discussion with our Permanent and Contract team, everyone gives feedback mainly on what's working and what isn’t. Consultants are also given the opportunity to bring forward new incentive ideas, areas they need training etc. It’s always helpful to discover what employees find most motivational and useful in order to make them the best at what they do.
Monetary incentives work, but bench marking the results in terms of finance and employee feedback is key to creating effective motivators. Don’t be afraid to experiment with the incentives you offer in line with the duration and performance levels.
After doing a bit of research it seems companies and consultants are motivated the most by the following incentives:
- Free holiday
- Time off
All three of which we offer here at Streamline, but what do you think works? And what rewards would motivate you to work harder? It’s something that we are always trying to adapt to; we don’t always get it right first time round. I’d love to hear what other people in the industry and business owners feel works the best for them or their company?