This program has the potential to lower costs and maybe even the company-wide carbon footprint while also caring for the environment your employees feel so passionately about protecting. Spot awards work almost like pop quizzes. This incentive also has an element of surprise that keeps your incentive program dynamic, giving you the freedom to reward different behaviors and actions at different times.
Inspire employees to do good work by offering incentives in the form of development opportunities they need to do even better work. By offering this incentive, you encourage a cycle of constantly improving work that feeds long-term success. An incentive program that rewards employees for appreciating and caring for their coworkers comes along with multiple benefits: enhanced retention, sky-high morale, and fruitful collaboration.
A program like this may also spotlight employees who might feel left behind by performance-based incentives they find out of reach. Reward employees for behaviors you appreciate with the health and wellness perks they want.
These incentives could easily be part of a standard benefits package or reward system , but offering them instead on an incentive basis elevates their value and also inspires an above-and-beyond mentality. People love helping others. By offering incentives that benefit charities or causes, you could potentially boost employee performance by more than you would by offering individual rewards.
Offer commuting benefits and stipends to encourage anything from participation in training to chairing a committee. Monetary rewards may be the most fluid, one-size-fits-all incentives to offer employees.
This program celebrates employees who always show up with a smile. Give them the appreciation and motivation they need to keep up their reliable work with non-monetary incentives designed with them in mind. Celebrate the hard work of your sales team or acknowledge the long hours your marketing team put in by offering incentives to layer on to the already satisfying accomplishment of meeting quarterly goals.
Sales incentive simplicity is key, but SPIFs aren't effective if they're too vague. You need to be able to quickly launch short-term incentives, but you also want to ensure the rewards you're offering are compelling.
Benchmark against previous years' data and use predictive modeling to determine potential outcomes this time around. Also, make sure your sales team is structured properly in order to maximize performance.
Once the SPIF is completed, you need to compare the actual results to those you predicted at launch. Then use those insights to inform your next SPIF, as well as your overall sales compensation planning. With your SPIF planned, the question then becomes what should the incentive be? At the very basic level, these fall into two categories—cash and non-cash incentives.
When used effectively, both can be extremely effective as a part of a SPIF. If money wasn't an appealing incentive, it wouldn't be the basis of sales commissions and incentive compensation. At the end of the day, money is always a motivator. When it comes to SPIFs and rewards outside of your primary compensation plan, the main goal is to ensure that the monetary incentive is compelling and motivates sales reps to focus on a specific goal.
Many times, cash sales incentives are a set amount. For example, consider your team tends to close most of their deals at the end of the month or quarter.
On the other hand, non-cash rewards allow for more creativity in the incentive process. In fact, some companies may find that non-cash rewards, such as sporting event tickets, travel vouchers, or team dinners might be more effective than traditional cash incentives. You can read more about the benefits of non-cash rewards here.
If you decide to forego cash-based motivation, the next step is to determine WHAT creative, non-cash sales team incentives you can offer to motivate and engage your team. Traditionally, this list would include in-person activities and events, such as fine dining experiences, concert tickets, or sporting events.
The c in the name stood for compact , referring to the fact it was essentially a complete Apple II computer setup squeezed into a small notebook-sized housing.
Source: Wikipedia. Gift cards are the most common non-cash reward. You can also partner with other businesses and get gift cards at a lower cost.
This situation will be a win-win for both management and employees. Employees are unlikely to spend money on travel and entertainment. However, they may still wish to travel and have fun. Tickets to sporting shows, events, movies, or short vacations on weekends can be great options for SPIFF programs. These options will give them a fun-filled break from work. You can take employees for golf or to the spa. Ask your employees what they would enjoy, and plan your programs accordingly.
Also, keep multiple options as not everyone will like the same thing. Subscription programs can be anything from gym memberships to book clubs. You can even offer subscriptions to online shopping websites, food delivery, or others. It is a great way to encourage employees to do what they love besides work. Gamification programs are great if your company does not have enough budget for giving cash or gifts to employees. You can create leaderboards in the organization where you highlight the names of top performers.
You can give them a different job title at the organization or even a better parking spot. Gamification can also make work competitive and fun. You can also use your CRM software to find top performers. Here is an example. You can give your best performers more responsibility. Rewarding your sales reps with more personal time off encourages a better work-life balance and, hopefully, a happier team. Thinking of sales incentives that work for your sales team can be challenging, so another great option is to let them choose their reward!
More so, you can build significant momentum throughout the month if you encourage them to visualize what they would choose at the beginning of the month.
Why not offer a practical sales incentive? For example, suppose your office is located in an awkward location with limited parking. By offering a more convenient and prime parking spot, you can ensure your sales rep starts their day off right. Starting a wall of fame for salespeople who push the limits and achieve quotas is a great way to motivate the entire team.
People love being publicly recognized for hard work and high performance. First, however, ensure that you create a dedicated space to place their photos and clearly display their title and name underneath. Organizing a sales incentive program can be hard to get right the first time around; therefore, there may be some trial and error before you find exactly what motivates your sales team.
Thus, to help your process along, we have listed some best practices you need to know below. So before you plan anything regarding your sales incentive ideas, get to know your team.
Gather information about their likes, dislikes, hobbies, music taste and so on.
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