How Can We Effectively Create a Custom Incentives Program?
No two companies are the same, which is why having a custom incentives program makes sense. Regardless of your preferences, you can’t expect optimal results if you try to work with just any program. Incentives that don’t match up well with your employees are very unlikely to bring back a good return on investment. These programs cost money, but they should be able to pay for themselves, and then some, down the line.
However, if the program doesn’t have the proper elements, the company can achieve only poor results. A custom incentives program is always going to be your best bet. Here are a few guidelines to keep in mind when putting one together.
Tailor the Incentive Program to Match Your Company’s Goals and Employees
If your sales are not where they should be, a lack of motivation among your employees could be the culprit. If this is the case, an incentive program might be the ideal solution. Motivation isn’t the only outcome to consider, however. As the person running your operation, you understand your company’s culture. You will want to stay true to these core beliefs as you move forward with your new incentive program.
This is where the multi-faceted benefits of featuring incentive goals and milestones come into play. Incentives can do much more than inspire better production from your staff. The goals you set can resonate with the kind of behavior you consider important to the culture and reputation of your company. With incentives, you can encourage your workers to not only produce more but also to approach their jobs in a way that conforms to the standards and practices you want to reinforce.
To effectively motivate your team, you’ll need to feature incentives that will appeal to them. It is true that most people get excited about monetary rewards and other standard prizes. On the other hand, there will always be other factors that could push certain employees to the next level. For some, this can be a chance for advancement within the company, or an opportunity to speak to a management-level mentor who can guide them. Recognition is a powerful motivator as well. In fact, for some employees, it is even more important than the other rewards they could potentially earn.
Every Program, Custom or Not, Needs Clarity
It isn’t easy to feel motivated by something you don’t fully understand. Regardless of how you want to set up and customize your program, you must take steps to ensure it is simple and straightforward. There must be a clear definition of what is necessary to succeed. The goals themselves should be realistic. If the milestones you set aren’t attainable, you’ll end up doing the opposite of what you intend! Instead of motivating your team to new levels, you’d risk demoralizing them by offering rewards for goals they can never actually achieve.
To motivate your workforce, you’ll need a program that clearly shows them what they can gain. Once employees see what they can earn and how they can get there, they will feel much more of a drive to perform. Tiered incentives that provide smaller rewards for smaller milestones can be a powerful tool for encouragement as well, in addition to keeping your salespeople on track as they strive to keep earning more.
Custom Incentives Program: Be Ready to Adapt as You Go
Your program won’t always produce exactly what you want from it. Even if you believe it came together effectively, there might be areas that can use improvement. Over the course of your incentives program, measure your progress and ensure you have a firm grasp on what’s working and what isn’t. If you identify problem areas, you can then take steps to alter the program — and keep those changes in mind for the next program. Keeping tabs on progress in this fashion will help your program evolve into the best possible version of itself.
At Loyaltyworks, we will work with you to assess the areas in which your company can use a boost. We will note your needs and weak points as we help you put together a unique program that motivates your employees and brings your sales numbers up to where they should be. We can provide a multitude of resources and features, including leaderboards, online training incentives, tiered rewards, detailed reports, mobile apps and more. Collectively, these will allow you to optimize your program for your specific needs.
To learn more about how you can put together an effective custom incentives program, contact us today.