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Page 5 of 7
Incentive Pay
4. Other Incentives
Incentives other than cash and shares can give your employees more fun and cause less hassle.
4.1 A company car may be necessary to the job, and a top-of-the-range model is certainly an incentive to some employees.
- Company cars can be a big overhead.
4.2 An all-expenses-paid foreign trip can be an effective incentive.
- Set minimum performance requirements that will comfortably pay for it.
- It can bring some fun into the workplace. It will be discussed by other employees, but is unlikely to be resented - as an equivalent grant of money might be.
4.3 Incentive award vouchers are becoming increasingly popular.
- Whereas cash payments tend to be spent on an employee's monthly outgoings, vouchers are spent on something specific. This visible reward usually acts as a more effective incentive than cash. NICs are payable on non-cash vouchers.
Labels: Pay
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