Do you want to increase sales?
If not, stop reading this . . .
According to a recent study by Xceleration, “incentive programs can increase performance by 22% while a 44% performance increase is found in programs that run for a year or more.”
The question is, do you know what motivates your people? A one-size-fits-all approach no longer works. It is vital that you take the time and create programs that create the following benefits:
- Motivation at all Levels: Most employees like to feel recognized for their hard work. They all want to know that the top people are taking notice and appreciate their efforts. Frequent Recognition is vital. Sales people are wired up not just to want recognition; they usually need personal recognition. Make sure you take the time to frequently say “Thank You” or “Good Job” not only when direct reports accomplish out of the ordinary results, but also everyday successes! Keep in mind, not only do employees want recognition from Managers, but we should encourage recognition between colleagues. We also need to create incentive programs that can provide creative solutions not just to reward the top performers, but motivate middle performers, and help poor performers focus.
- Retain Great Employees: Another benefit of having customized incentive programs is retention. It takes a lot of time and money to find the best players for our team. So what are we doing to keep them with us after we hire them? The right incentives will show our employees they are appreciated and will inspire them to go the extra mile. You can survey your group to see what matters to them.
- Boost Sales: By targeting incentives to all employees, not just the top performers, the entire sales force is motivated to work harder, therefore bringing in revenue that might be missed.
- Clear Road Map for Advancement: Another incentive that drives performance is a clear road map for advancement. Is your structure set up to show a true “career” for your direct reports? Do they see the light at the end of the tunnel or do they just look at this as another job?
So at this point you might be saying “that sounds great, but what are some ideas that are budget friendly?” Well, here are some ideas for Rewards & Recognition:
- Take them out to breakfast, lunch or dinner.
- Send a praise letter to family or spouse.
- Hold a Sales/Company kickoff meeting and give out plaques.
- Publicize a “Wall of Fame.”
- Give out certificates to their favorite restaurant, movie theatre, clothing store, etc.
- Open and close meetings with praise.
- Give recognition in monthly newsletters.
- Give them an extra day off.
- Provide opportunities for them to attend a training or seminar they would like.
- Have a President or CEO call and personally “Thank them.”
- Ask individuals or team what they would like for rewards (survey them).
If you want more guidance and additional ideas on how to build and retain a high performance team, just join us at one of our upcoming Management & Leadership Academy classes:
- July 11 – 12th in Schaumburg, IL (Chicagoland area)
- October 11- 12th in Schaumburg, IL (Chicagoland area)
To find out more about this class, please contact Melissa Whitaker at 847.845.4922 or firstname.lastname@example.org.