Incentive Research Foundation (IRF) and the
Incentive Federation have conducted an long term audit of a wide variety of
studies in various industries. The audit found that non-cash awards can
actually capture an employee's imagination better than cash—thereby motivating
them to increase performance.
A study conducted by the White Conference on
Productivity some years ago that showed that it would take $3 in cash
compensation to drive the same results as $1 in non-cash rewards. Combining results from both this research
should be particularly interesting to safety managers for at least three
reasons:
·
Almost all
cash award programs are back end loaded (the awards are given at the end) based
on reducing accidents and then receiving awards. This is the type of program is a cause for the
non-reporting of accidents
· Cash can cost at
least three times more than non-cash programs for the same results.
· Cash programs easily
get confused with compensation and can become an entitlement
Safety
incentive companies have known for years that a small positive immediate award
has more impact on changing safety behavior than a large, future and uncertain
one. By consistently and continuously
reinforcing the right safety behavior with small amounts of awards you will
change behavior and produce results.
This is far easier done with noncash awards than cash.
For more
information on AwardSafety products or services or other white papers please
contact us at awardsafetyinfo@cox.net
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