This blog is about performance based incentives
The right incentive plan properly implemented can motivate employees, increase productivity and allow the employer to differentiate pay given to high performers. An article in the Harvard Business Review (March-April 2000), "Leadership That Gets Results," reported that of six leadership styles studied, the use of rewards was the single highest predictor of 'organizational climate' and in turn had a direct correlation with financial results. 'Organizational climate' refers to a set of measurable properties of the work environment that are perceived by the people who live and work in it, and that have influence on their motivation and behavior. Climate characteristics that have been determined to significantly impact a company's bottom line are: flexibility, responsibility, standards, rewards, clarity and team commitment.
Incentive programs with tangible, memorable rewards are proven employee motivators. They boost sales, company morale, and build lasting bonds between you and your employees, customers and partners. 'Performance Based Incentives' do much more than 'give stuff away.' Sales Creators is primarily an integrated business solution provider; we design plans to help drive performance by creating incentive programs that are cost effective and that deliver outstanding ROI for our clients.
Performance based incentive programs can be set up for every division within a company. This is one of the more effective ways of performance building and it explores new ways to motivate your employees to outperform while have fun doing so. Sales Creators will build the promotional materials for your incentive program, select the theme and prepare the administration tools. Proper design and presentation will engage your employees to get them excited, and keep them excited during the incentive period.
To Get the Most Out Of Any Incentive Plan, We Advise the Following:
Post daily results in a location that cannot be seen by customers, but can be seen by the performers. The payout will vary (it can be weekly, monthly or longer), but feedback should be available daily.
Separate incentive pay from regular pay. We advise issuing different checks rather than combining with regular paychecks.
Another excellent method is to offer non-cash incentives. These are not confused with ordinary pay and will be remembered longer than cash.
Individual incentives are more effective than group incentives. You may add an incentive for group accomplishments, but the plan should make a distinction between individual contributions and accomplishments.
Make sure that your day-to-day management is positive. There is no substitute for daily positive contact with employees. Take time to recognize even the smallest success or improvements.
Thoroughly evaluate the effectiveness of your incentive plan on performance, cost and employee satisfaction on a regular basis.
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