People are motivated in both their working and personal lives by different things. These incentives may be financially based, such as reduced prices or increased pay. Others focus on non-financial aspects, such as pride in a job well done or the opportunity of promotion.
The UK government introduced a financial incentive for first-time house buyers in 2010 which aimed to attract new buyers into the depressed housing market. The stamp duty ‘holiday’ offered the opportunity to save up to £2,500 on the purchase of a first home by exempting buyers from stamp duty on homes worth up to £250,000.
This stamp duty ‘holiday’ has now been ended by the government because it has been ineffective in helping people to buy. First-time buyers will once again join others in paying 1% tax on properties worth more than £125,000. (BBC, 24th March 2012)
ARM, the world’s leading semiconductor intellectual property supplier, offers various incentives to motivate its employees. By recognising and rewarding individual and team effort and achievement, ARM aims to retain the knowledge and skills it needs for future growth.
ARM is a knowledge intensive business. It needs its employees to be engaged with and committed to the business in order to achieve the innovation which will deliver its business aims and objectives. It therefore provides motivators which reflect its employees’ high levels of expertise.
These include opportunities for personal development and career progression; allowing employees to have a greater say in decision making; as well as the time for knowledge sharing and ideas generation which influences the business’ products and processes.
In a further effort to spur growth in the housing market, the UK government is instead introducing a new incentive, the ‘New Buy Guarantee’ scheme. This is intended to help those with smaller deposits to get on the housing ladder. Under this scheme, the government and major house builders will guarantee part of the loan from banks to first-time buyers.
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