Designing An Employee Incentive Plan
Employee incentive programs can be an extremely effective concept if employees understand and recognize the link between their accomplishments and reward.
An effective plan can transform your business from being a standard performer – which is where employees come to perform their duties and earn a salary to one where excellence and superior outcomes are the goal and employees are properly motivated to meet these objectives. Cataline sales incentives provide you with the best sales incentive plans that suits your company.
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Here are a few important elements that are essential to any effective incentive program:
Make it easy and distinctive. Effective plans are simple to implement and follow. Employees need to be aware of what they are able to accomplish so that they can earn an incentive, and the exact amount of incentive they will be. If the program involves monitoring a large number of performance indicators, it could cause confusion for management and employees. Focus on the bigger picture results What happened to sales? Did they go up or down? Do you see client retention remaining up? Are productivity levels increasing or declining?
Rewards Only for Performing Above Business Goals Incentive programs should start only when an average of performance is surpassed. This means that managers need to establish clearly defined objectives and goals. Employees must be aware of what is expected to be their average performance and the steps they can implement to help the company surpass its basic business objectives and, consequently, get an incentive.
One goal is to boost the efficiency by 10% over the course of the year. The CSRs must be aware that they'll need to manage commissions that are 10% or higher at the end of the year, to earn an incentive. If the staff member doesn't increase productivity, then there's no incentive.
Recognize Individuals Who Have Made A Difference Find employees who are doing something good and make sure everyone at work understands that management is aware of your work performance.