Employee Behavior: Incentives Within Your Own Organization
When it comes to increasing revenue with third-party salesperson incentives, the scope of what you’re trying to do is fairly narrow. In other words, your end goal is singular and straightforward: You want to increase sales of a particular product or range of products, and you need to incentivize a very specific type of personality […]
Merchandise and Travel Rewards
There’s no reason to simply limit your reward options to cash, though. In fact, we would argue that only offering cash incentives to your employees is a major mistake. While you might think that cash rewards would be the most desirable for recipients, the data actually shows that merchandise and travel rewards provide greater employee […]
The 12 Types of Incentive Programs and How They Work
Back in 2005, economist Steven D. Levitt and journalist Stephen J. Dubner wrote a New York Times best-seller called Freakonomics which “changed the way we see the world.” Before your eyes roll back in your head at the thought of reading a book about economics, let us whet your appetite. Levitt isn’t your typical economist […]
The Pros and Cons of Cash vs. Non-Cash Employee Incentives
It’s pretty clear that “given the importance of recruitment, retention, and engagement, incentive programs will be more important than ever.” That’s according to the Incentive Research Foundation (IRF) in a report released earlier this year. They make a compelling case for robust incentive programs to be competitive in the current job market, with “overall incentive […]
What Are Tiered Incentives, and Why Are They Effective?
It’s common for brands to utilize incentive programs for their sales rep, encouraging their sales team to put their best efforts forward throughout the year. While this is an excellent way to motivate your employees, it’s important not to overlook another key segment in this regard: your customers. One of the most effective rewards programs […]
Navigating Long-Term Incentive Plans: A Beginner’s Guide
In competitive industries, long-term incentive plans can play a critical role in attracting, motivating, and keeping top talent. Rather than focusing on short-term goals, long-term incentive plans are designed to reward employees based on their organizational contributions over a long period of time. Long-term incentive plans don’t just help boost performance, foster a sense of […]
8 Tips and Strategies to Evaluate Your Distributor’s Performance
In order to ensure the success of your business and maintain a strong partnership, you’ll need to monitor and evaluate your distributor’s performance in an ongoing manner. You rely on your distributors to efficiently connect your customers to your products. This means that an underperforming distributor is essentially a weak link that can damage the […]
5 Examples of Group Incentive Programs And Their Benefits
Group incentive programs can help foster collaboration and teamwork, increase productivity and performance, and align team efforts with the organization’s larger goals. While there are countless benefits to implementing group incentive programs, it’s essential that this type of plan is put into place with a great deal of care. For example, there needs to be […]
25 of The Hottest Travel Incentive Destinations of 2023
When offering your employees an incentive reward, it makes sense to choose a program that will actually motivate and excite your staff. But how can you know what type of reward that might be? Business News Daily says, “it’s critical — now more than ever — to keep employees motivated.” A 2018 Cornell University study […]
Dealer Incentive Programs: How They Work and Who Benefits
According to the Cambridge Dictionary, when it comes to business, a good definition of an incentive is “something, especially money, that encourages a person or organization to do something.” One party offers another an “encouragement” to adopt certain behaviors for which they can expect a reward. In general, there are three distinct types of incentive […]
