Creating a business incentive plan that satisfies both you and your sales team can be a daunting task. If you’re finding that your incentive plans aren’t meeting your standards, it may be in both you and your company’s interest to re-think your approach.
It’s no secret that employees tend to work harder when a reward is visible at the finish line. In fact, the simple desire for achievement or recognition is built into our human nature. For a large number of years, leaders in the business world have benefited from this common trait, and used it to motivate and encourage their employees. This effective technique has produced such positive results that there is now a high demand for companies who assist in creating incentive plans specifically tailored to each company.
The Atlanta-based company, Incentive Solutions is here to help you develop the most resourceful and beneficial incentive program for your company. We understand the high demand for well-developed programs, and are more than willing to help. We specialize in creating high-impact, and online incentive programs that will track your employees’ performance while your business continues to grow.
Although it seems rather simple to draw up a plan of rewards to distribute to your sales teams, there are plenty of ways to miss the mark. Monetary rewards may appear as the obvious choice to rewards employees with, but they often are not the critical factor for success. It is highly unlikely that a workplace will have two employees that are motivated in the same way. When managers fail to recognize this upon creating their company incentive plan, there is a higher chance that it will not provide satisfactory results. So what can be done to prevent this? By taking time to address several issues before finalizing your company’s incentive plan, the likelihood of success is much greater.
One of the first and most important factors to address is who is benefitting from your business incentive plan. Although relatively small, there will always be a group of “self-motivators” that will strive to achieve more even without a reward. These high-achievers will typically occupy the top twenty percent of your sales force, and are not habitually interested with incentives or rewards. In this case, it would be a greater risk for a company to build a general incentives plan that seeks to satisfy everyone’s needs. Managers should instead focus on pleasing the group of employees who will actually benefit from their incentives. When this tactic proves its success, the heightened performance of this group will mirror that of the high-achievers.
Keeping it simple is perhaps the easiest and most cost-efficient rule to follow when developing your incentive plan. When your incentive and reward program has too many rules or steps, the end result can often seem too far away. No matter how great the prize is, the majority of employees will not be truly motivated in the race to achieve it if the obstacles in between the start and finish line are too difficult. Preventing this is rather simple. By designing incentive and reward programs to be basic and simple to understand, managers will find it much easier to motivate their employees.
When companies such as Incentive Solutions strategize how to sell their own reward and recognition programs to others, they also must take measures to make sure their employees are effectively marketing their products. It would seem ridiculous to assume your sales team can efficiently and successfully sell your reward and incentive programs without a good understanding of their value. It is not uncommon to see even the best incentive plans thrown aside because they were not marketed properly.
In the world of incentive program planning, everything is a competition. Even after you have successfully achieved the business of a client, it cannot be assumed they will be committed forever. In order to prevent this, it is imperative for sales executives to remain prepared, and to always expect that competitors are waiting to swoop in when your guard is down.
As humans we are very impatient creatures. Because of our natural human nature to despise waiting, managers can assume their employees will be the same. If this is taken into consideration correctly, their incentive plans should have a quick turnover rate. Similar to creating a basic incentives plan, rewards also seem more appealing when they are nearly immediate. An easy rule of thumb to remember is that greater motivation will follow incentives that are given in a timely manner.
Lastly, it is of great importance that managers recognize that it may take more than material rewards to improve an employee’s motivation. It may seem like money and material rewards are the root of all motivation, but for some it may take a bit of recognition to spark their performance. Many employees have an intense drive to be recognized or praised for their hard work in front of their peers. Always keep in mind that there really isn’t such thing as too much appreciation or recognition.