The best incentive is a meaty challenge

Citation

(2001), "The best incentive is a meaty challenge", Journal of Management Development, Vol. 20 No. 1. https://doi.org/10.1108/jmd.2001.02620aab.002

The best incentive is a meaty challenge

The best incentive is a meaty challenge

Top companies recognise that challenging opportunities at work are a better incentive than financial benefits, according to a newly launched international study by CIMA (The Chartered Institute of Management Accountants) as part of Global Business Management Week.

The global survey of senior executives of leading organisations shows that nearly two-thirds (65 per cent) incentivise their staff by presenting them with challenging opportunities which will stretch their skills.

Although tangible benefits are offered by more companies (79 per cent of companies as opposed to 67 per cent offering intangible benefits), nevertheless respondents mentioned challenging opportunities as a staff incentive more frequently than either share options and profit share schemes (the proportion referring to each incentive was 65 per cent, 51 per cent and 50 per cent respectively).

The survey also revealed that the paramount concern in the minds of top executives is finding and retaining quality staff: half of the sample ranked this factor as the single most important issue affecting the future success of businesses.

Mike Jeans, CIMA President, said:

Directors obviously feel a strong need to retain their quality staff: our research shows that they believe that the best way to achieve this is not by throwing money at employees but by giving them the chance to stretch themselves within the work environment.

He added:

Global Business Management Week is designed to highlight the challenges facing the business world over the next few decades. The toughest challenge, it seems, will be to secure and retain a company's most valued asset – its people.