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.