It’s time to energize your workplace!

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Whether your team is having a sluggish Friday or a sluggish quarter, as their leader, it’s within your power to get them excited about coming to work and turning in their best.

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By incorporating a sales incentive program, you can turn the weekday grind into a fierce (and fun) hustle. Motivate your employees with meaningful gifts and rewards when they go above and beyond.

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What is an incentive program and how do they work?

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An incentive program is any organized system that rewards staff for their productivity or personal development efforts.

Incentive programs can be excellent for motivating your employees and boosting productivity at work. The right incentives can help your employees remain engaged, productive, and happy with their work. Some reports show that incentive programs can help increase employee retention and improve performance and employee morale.

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Incentive programs vs reward programs: What’s the difference?

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First, it’s essential to understand what differentiates an employee incentive program from a reward program. Although the two words are often used interchangeably, they represent different uses and meanings.

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While different, sales incentives and sales rewards can’t exist without each other. An incentive is used for motivation to do something before the action is taken, while a reward is something given after an action or goal is executed.

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Motivation is one of the most powerful tools in our society, but it can’t exist without the possibility of a desired output. Likewise, promising rewards without attaching them to results can be a net negative.

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It’s for this reason that you plan the implementation of your staff incentive programs mindfully, ensuring the goals of both the employee and business are aligned.

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What are the different types of sales incentives and programs?

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There are several types of employee incentives that you can introduce to your company. We’ve listed the most popular forms of employee and sales incentives below.

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Financial employee incentives

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Financial incentives are exclusively monetary-based rewards. This can include incentives such as:

• bonuses
• profit sharing - where a portion of the company’s profits is distributed to employees
• stock options or;
• pay raises.

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Non-monetary employee incentives

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On the other side are non-monetary incentives. These might include the following:

• recognition programs
• professional development
• paid time off or;
• wellness or reimbursement programs.

You can implement incentive programs in-house or form partnerships with third-party services. A popular example of a third-party employee incentive is offering employees a Prezzee eGift Card catering to their interests.

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With over 370 brands to choose from, Prezzee offers an extensive catalogue which is sure to please all of your employees, regardless of their interests and passions.

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Additionally, if you want to offer your employees more variety and choice, consider the Prezzee Smart eGift Card. This ultimate swap card provides recipients access to hundreds of top brands, from Uber Eats to Sephora to famous cruise lines, and more.

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Do incentive programs work?

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According to the Incentive Research Foundation, 80% of successful companies use incentive programs to positively motivate their employees. But just because it’s the industry standard, doesn’t necessarily mean it’s a foolproof way to improve efficiency.

For sales incentive programs to work, collaboration needs to be taken in the design stage of a program at every level, to ensure everyone’s goals are aligned. Goals need to be realistic and attainable for an employee, but they also need to align to the greater goals of a company. It’s important to be intentional with your incentive program – take time in planning your program and consulting all parties before announcing what sales incentives will be on offer.

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Build efficiency and team morale with meaningful employee incentive programs

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When designed collaboratively, and using the incentive format that makes the most sense for both employees and employers, incentive programs can be a mutually beneficial addition to your company’s policy. Whether you choose to add more professional development courses to your company calendar, or hand out regular Prezzee eGift Cards to those recognized as going above and beyond in the week, incentivizing your employees will always be a win.

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Sources:
What benefits can employers offer to improve employee retention? | SHRM

Ten Things Top Performing Companies Do Differently

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