Facts on How Sales Incentives Increase Your Employees’ Job Satisfaction
- [A study by Tony Schwartz], done in concert with the Harvard Business Review, found more than half of employees did not have:
- Regular time for creative or strategic thinking
- Ability to focus on one thing at a time
- Opportunities to do what they enjoy most
- Opportunities for learning and growth
- More than 40% also lacked:
- Overall positive energy
- Ability to balance work and home life
- Ability to disengage from work
- Survey by the Institute of Leadership & Management finds that job satisfaction is the key to keeping employees motivated, with only 13% saying that they are motivated by a bonus
- 59% of employees rated enjoyment of their job as a top motivator
- A good basic salary is important, with 49% saying they are motivated by how much they are paid
- Getting on well with colleagues, being treated well by their manager and having control over their work also rated highly
- The £36.9 billion spent on performance bonuses in the UK last year had no impact on the motivation and commitment levels of the vast majority of recipients, according to a report published today by the Institute of Leadership & Management (ILM).
- The association between salary and job satisfaction is very weak. The reported correlation (r = .14) indicates that there is less than 2% overlap between pay and job satisfaction levels. Furthermore, the correlation between pay and pay satisfaction was only marginally higher (r = .22 or 4.8% overlap), indicating that people’s satisfaction with their salary is mostly independent of their actual salary.
- Employees earning salaries in the top half of our data range reported similar levels of job satisfaction to those employees earning salaries in the bottom-half of our data range.
- Gallup’s engagement research, which reports no significant difference in employee engagement by pay level. Gallup’s findings are based on 1.4 million employees from 192 organizations across 49 industries and 34 nations.
- Nearly three decades ago, 61.1% of workers said they liked their jobs. That number has slid over time, reaching an all-time low in 2010 following the Great Recession, when only 42.6% of workers said they were satisfied in their jobs. It has been ticking back up since then but rose only .4% since last year.
- What makes employees happiest at work? “Interest in work,” which 59% said satisfied them and “people at work,” which 60.6% said they liked.
- Another key question regarding the club incentive that sales professionals might consider is whether people perceive an effect on job satisfaction. In the following chart, we present the responses to the question, “Would you agree that the President’s Club incentive influences your overall job satisfaction?” The most common response was to moderately agree, while the average response we received was 5.4, which means that the typical response of whether the club incentive influences job satisfaction is close to “slightly agree.” The general consensus from this research is that most sales staff and management agree that the club incentive has a strong association with job satisfaction.
- 20% report being actively disengaged
- 81% of those surveyed who are employed plan to actively search for a new job in the next year
- 42% of respondents said they are dissatisfied with their current job
- 50% are not engaged and are uninspired by their work or their managers
- The Monster Survey reports nearly all (97%) job seekers surveyed who are looking for more fulfilling work value the use of their skills and abilities and the enjoyment of their work.