These owners will have heard from someone that incentive schemes are a good thing to have. So it’s shutting the stable door after the horse has bolted. They might eventually end up creating a scheme, but by this point their employees are already de-incentivised, disengaged and starting to leave. Some companies realise EMIs are important but bring in a scheme too late.That’s Team Ostrich – burying their head in the sand. But the salaries might not be at the going rate and there could be a feeling that employees could be better off elsewhere. The prevailing thought process is ‘I’m paying people, so why do I need to do anything else?’. Some companies have their heads in the sand re EMI and other incentives.There are three levels when it comes to awareness of EMIs: But for the scheme to work, you and your executive team need to comprehend the value of an incentive scheme. If your competitors are offering these incentive schemes and you’re not, it puts your business at a big disadvantage.Įnterprise Management Incentive (EMI) share schemes are such a key part of giving SMEs an advantage when looking to recruit and hire employees. There was research a while back that showed that 85% of the workers surveyed felt more motivated to do their best when they had an incentive. If you don’t incentivise your team there will be other people in the market who will. There are several answers to this question. Why is incentivising your team such an important part of good management? Thomas Dalby explains the importance of excellent communication skills when setting up an incentive scheme, and the need to deliver incentives that match your employees’ life goals.
Share incentive schemes can be an excellent way to increase buy-in and motivation within your workforce – but it’s crucial that the schemes, benefits and end value that you offer is tailored to the exact needs of your employees. But how do you incentivise your employees and get them fully engaged with your business plan?
As an owner-manager, you know the goals, drivers and long-term objectives that you’ve set for your business.
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