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How do firms motivate employees?

From experience, how do accounting firms use reward and recognition schemes to motivate employees?

Many industries use reward and recognition schemes to motivate employees, this question has been asked to understand the use of reward and recognition schemes within the finance and accounting industry. 

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By Mr_awol
17th Apr 2018 11:13

You mean like cashback style discount schemes, perkbox etc?

Most of them could get the same benefits elsewhere if they really tried.

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By mg200
17th Apr 2018 11:23

Billing targets for bonuses

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17th Apr 2018 12:00

Cattle prod.

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By DJKL
to Red Leader
17th Apr 2018 12:20

that just causes issues with all the Guardian reading liberals in HR etc, bleating about human rights et al.

Scrooge and Marley never have these issues, staff were just grateful to have a position, rewards, ba humbug.

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By DJKL
to Red Leader
17th Apr 2018 12:21

duplicate

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17th Apr 2018 13:10

Money talks I'm afraid. Nothing like a juicy bonus to motivate an employee to work a little bit harder. Call me cynical but that's certainly my experience.

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to ScribbleD
17th Apr 2018 17:49

Quote:

Money talks I'm afraid. Nothing like a juicy bonus to motivate an employee to work a little bit harder. Call me cynical but that's certainly my experience.


For the same reason I don't hold on to clients who are primarily concerned with fees when deciding to use me, any employees (when I had them) who saw their salary and bonuses as being the main reason they stayed rarely lasted long.

Remembering back to when I was employed, as long as the financial reward was reasonable and not a million miles away from "market", it was the working relationships, the atmosphere in the office, working conditions and, above all, the feeling that my views and work were valued, that kept me happy and coming back for more.

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to ScribbleD
17th Apr 2018 17:57

Except it doesn't, save for a few people for a very temporary period of time.

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to ScribbleD
17th Apr 2018 18:52

I dont think money alone is a motivator. Well, ok it might be for all of 5 minutes but folks soon forget and just expect it all the time

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By Maslins
17th Apr 2018 15:34

Well, I think we've done a fairly good job of finding ways of keeping staff happy.

Whether that's the same as them being motivated to work hard, I'm not so sure.

I'm guessing your question is a student homework one rather than a firm asking?

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By DJKL
to Maslins
17th Apr 2018 15:47

Well if a homework question I would in addition (extra marks) posit the question, do staff financial rewards decrease in effectiveness over time, are "customary" bonus payments soon taken for granted and considered part of the package to the extent that their non payment will reduce staff motivation below the level it might have been before any award scheme was introduced in the first place?

To be more blunt, is a diet solely of carrots effective? Discuss?

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17th Apr 2018 16:42

I used to work for an infamous tax advisor who used the carrot and stick method.

He would firmly insert the carrot and then use the stick to ram it home.

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By DJKL
to vinylnobbynobbs
17th Apr 2018 16:49

Presume those sorts of films sold well in certain circles.

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to DJKL
18th Apr 2018 08:27

Quote:

Presume those sorts of films sold well in certain circles.

I believe he formed his own film partnership which is under investigation by HMRC

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17th Apr 2018 18:53

Why does this Q need to be posted anon?

Are you the same poster as https://www.accountingweb.co.uk/any-answers/are-financial-incentives-eff...
?

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By mrme89
18th Apr 2018 08:48

A pleasant working environment is a big incentive for staff to stay where they are.

It isn't difficult, and doesn't have to be costly either.

I currently work in industry, and we get:-
1) A breakfast sandwich after month end
2) Monthly dress down day to coincide with the sandwiches
3) Tea and coffee provided
4) Free vending machine that supplies juice, hot chocolate, soup etc.
5) Fresh fruit delivered weekly
6) Annual trip to the races. Drink and food all covered, just have to pay for your bets.
7) Christmas party, again, drinks and food all covered.

In monetary terms, our salary isn't bad (above average anyway), and we receive an annual bonus based on profits. Last year the profit wasn't achieved, but a small discretionary bonus was given as a thank you for our hard work over the year.

In terms of pension, I think auto enrolment has made people think a lot more about retirement and how they will fund that, particularly for people of my age group (under 30). I think from an employees perspective, auto-enrolment is seen as a legal requirement for the company to provide and it's worth paying in just to get the company contribution, but it's never going to pay for a good retirement.
I think a good company pension is something that good employees are going to start to want as a matter of course as part of their remuneration package over the next few years, whereas currently a good pension is just seen as a bonus.

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By djn24
20th Apr 2018 11:03

I think:
Flexi time- so staff can finish a little earlier when we have the few days of sunshine per year.
Nice working environment
Bonus if the business has done well to recognise the effort and contribution.
Seems to do the job.

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20th Apr 2018 11:56

In my experience accountancy practices are very poor at motivating people.

The current practice seems to be to expect staff to do more and more ( in my last 2 jobs I have been expected to do the work of two people) but for little or no reward. Pay rises have been negligible over the last 5 years and work stress has just been piling on.

Nobody has ever asked me what my motivator is and as most managing partners seem to be better accountants than psychologists I don’t believe I have worked for a firm in the last 10 plus years that has truly accessed my potential.

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