A recent study conducted by the Incentive Research Foundation sheds some interesting light on rewards favored by incentive program participants. It also describes the relationship and importance of certain “awarding dynamics” to overall program success.
- The physicality of the award presentation
- The visibility or notoriety gained by recognition among coworkers
- The inclusion of executive management – keeping them “in the loop”
While these will vary based upon program type and award rule, the consensus is that motivation requires more than plaques, merchandise, travel rewards, gift cards – and even sales commissions. Successful recognition and incentive programs incorporate a balance of the above mentioned dynamics – especially when employed to improve sales performance.
Great salespeople possess certain attributes – all of which serve to make them effective and successful. They are competitive, persistent, focused, extroverted, and can sometimes be seen as egotistical. Harnessing the energy and passion that accompany these attributes will lead to greater performance gains and improved organizational success.
Where salespeople are concerned, the right balance between cash and non-cash rewards will generate more beneficial outcomes. The effectiveness of sales commissions alone is less than that of holistic programs which include this cash/non-cash balance and a framework for structured recognition. The advantages of this approach are many –
- Acknowledgement of performance among peers and coworkers
- Participants’ bragging rights about rewards earned and enjoyed
- The reward serves as a reminder of the adversity overcome to achieve a goal or milestone
- The human interaction between executives, management and associate
- The opportunity to show where one stands among peers – be it a superstar, rising star or even a falling star
A comprehensive points-based sales incentive program provides the means to motivate, measure and reward achievers in the sales performance arena. See how a QIC online points program can turbo charge your team – contact us today to schedule a demo.