Behind the success of any company lie the employees. In order to make employees produce the results required for success are only achieved through a flexible and creative reward system. Such a system keeps the employee motivated and contributes to profitability. For many companies, incentive schemes are a win-win way of motivating and rewarding staff. Companies normally learn from the examples of other companies when deciding upon the incentive schemes. Let's see what Betfair, a betting company does to incentivize its employees. David Yu is a chief operating officer at Betfair and the winner of the award Best Places To Work Award in the media, hospitality, entertainment and leisure category.
He says that they keep both tangible and financial incentives as well as intangible incentives like the environment provided to work. When their website is down they are not generating any revenue. Hence they use Uptime Bonus as a means of encouraging its employees. If there are no unplanned downtime the IT team responsible for site availability gets a bonus. It is part of the scheme that the bonus should not be spent on bills.
They are to be spent on luxury, like some of the employees bought iPods, or took their partners out for a meal, or went for a sporting event. One of the engineers donated his bonus to the Tsunami appeal. Another tangible incentive offered is the Sharp Minds award. This is awarded, on the spot, to those employees who do something exceptional. Like once, an IT infrastructure director saved the company hundreds of thousands of pounds by striking good deals, and once, one of the engineers helped a top customer with their laptop, at a casino at midnight.
Another engineer developed a version of the site to run on PDAs and mobile phones, in his own time. These on the spot awards are not only an award but also a raffle ticket. On special occasions like Christmas, the chief executive picks some for a grand prize. Last year, 10 of the 30 Smart Minds winners were flown, with their partners, first class to Sun City in South Africa, staying in a luxury hotel, with a safari, a balloon flight, and a gala dinner.
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