Hay: Pressure to retain is driving incentives and recognition

Date: 02/03/2010

More organisations are looking for ways to balance the need to give incentives and recognition to employees while balancing cost and the desire to retain great talent in an "increased regulatory environment", a company poll has concluded.

Nick Boulter, the global managing director for reward services at Hay Group, said that the "trauma" of the financial downturn for multinational businesses means a number of organisations are struggling to rebuild their profit-making abilities.

He identified that revenue growth is hard to come by and so boards are looking to focus on cost containment and performance improvement as ways to drive profit growth.

Mr Boulter added: "Reward strategy is now driven in the boardroom as executives recognise that the war for talent knows no boundaries, so strategies for retention, motivation, engagement and performance improvement are integral to competitiveness."

In comments to the Jacksonville Business Record, Joe Rizzo, executive director of the Jacksonville Lean Consortium, said incentives and recognition may be used to generate more of a green ethos in the workplace.

Posted by David Farrior
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Hay: Pressure to retain is driving incentives and recognition

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