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Are business health plans a better incentive than cash bonuses?

13 October 2011 - 2:06pm

For those employers who are looking to boost worker morale and productivity, you may be contemplating available options in the form of cash bonuses.

However, a recent article in the Sydney Morning Herald (October 11) has questioned the effectiveness of rewarding employees with more money.

Anthony Grant, director of the coaching psychology unit at the University of Sydney tells the SMH: "Once a household has an income of $100,000 a year, money is not a key motivator."

Grant believes money is one of a number things that can create animosity when it is lacking, however an over-abundance will not guarantee happiness.

The article raises some interesting questions, primarily - how do managers increase loyalty and productivity in the workplace?

Companies may wish to investigate business health plans as a means to provide a much-needed boost for their staff.

Ensuring that their health and wellbeing is looked after gives a clear sign to employees that their bosses are truly investing in them.

The satisfaction of knowing that your employer cares enough to assist in managing their health, could be the key to keeping workers happier and more efficient.

 It may also help reduce wasted resources and time-off caused by a need to recover from preventable medical conditions.