Employee motivation: Financial pressures 'encouraging staff to look at their incentives and recognition'

Date: 09/05/2011

The economic troubles have prompted more awareness of staff incentives and recognition, according to an expert.

According to Matt Duffy, partnerships manager at the consultancy Lorica, staff are taking a closer look at their outgoings due to the financial pressures put on them during the recession.

This has even led some to consider whether their employers can cover the costs instead, Mr Duffy pointed out.

"People are looking to see what benefits are provided to them by their employers that could actually replace insurance-based products that they've taken out at home.


"For example, people might be moving away from having life assurance at home because they realise that actually it is covered through their employer," he explained.

Mr Duffy added that when staff begin to review their policies that are "directly duplicated" they realise that there are other benefits their employers aren't providing for them, and how much they could save if they did.

His comments follow research from Canada Life Group Insurance which showed that over half of employees would take a job in a new company if it offered better benefits without an increase in salary.

Posted by David Farrior 

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