Staff demand instant reward

Author: John Masanauskas
Date: 11 August 2006
Publication: Herald-Sun

Top staff scooting along Gen Y demanding instant rewards

FIRMS are rewarding ambitious staff with vouchers for electronic goods, DVDs, movies and adventure experiences instead of cash in a bid to retain fussy Generation Y workers.

Young office employees are also being pampered with massages and sent to bonding sessions outside work to boost morale.
Companies such as Foxtel are running incentive schemes where staff can earn "dollars" for high performance and use them to bid for prizes such as motor scooters at auction nights.

Human resources consultant Avril Henry said yesterday that Generation Y demanded good pay but also wanted to be inspired at work.
"They want managers who create positive work environments and they want people to have fun, to enjoy what they do," she said.
Ms Henry said that Generation Y often responded better to instant gratification than bigger annual bonuses.

"Instant movie tickets and book vouchers for doing a good job can mean more than a $500 bonus six months later," she said.
"They also like experiences, say a $200 voucher for white water rafting, or sky diving is a big deal."

Foxtel runs three incentive programs involving:

POINTS which can be redeemed for gifts online.

"DOLLARS" earned and then spent at special auctions.

REGULAR draws giving selected staff the chance to win overseas trips.

Foxtel spokeswoman Rebecca Melkman said the auctions were held every few months, with prizes including motor scooters and electrical goods.

"The better you perform at work the more Foxtel dollars you can bid at auction," she said.  Staff could also earn points and redeem them for gifts from a special in-house website, she said.  "We have a young workforce, it's important to keep them motivated and energised because a lot of them spend a long time speaking to customers on the phone," Ms Melkman said.

Foxtel has a staff recognition website set up by Accumulate, a division of online gift store WishList.com

WishList CEO Adrian Finlayson said firms using such schemes were recording up to a 50 per cent increase in staff engagement and retention.  Some firms spent up to 1 per cent of their payroll on these schemes while employees could earn the equivalent of a 4 per cent pay rise annually, he said.

For more information about the Accumulate employee recognition rewards programs and software, sales & channel incentive programs or customer loyalty programs call 1300 733 725 or email info@accumulate.com.au