Companies that intend to compete in today’s business climate must use every tool at their disposal. With navigating how the workforce will move forward, whether staying remote, a hybrid model, or strictly return-to-the-office, incentive programs can be a powerful way to engage and motivate employees. Incentive programs are proven effective at optimizing productivity, increasing performance, and boosting morale and company loyalty.
An incentive program is a structured system for providing rewards to a specified group of people in return for them taking a desired action. Incentive programs rely heavily on the relationships between the goal, reward, and recognition. In theory, you can create an incentive program for any area of your business. Think of it as an investment in a specific outcome, and if implemented correctly, pays for itself by having a positive effect on Employees and Channel Partners. These stakeholders, if properly motivated will help drive the desired ROI.
Some key elements that will make for an effective incentive program are:
Branded to be an extension of your Company
The incentive program should be presented as an extension of your company making it a seamless experience for participants. Create brand loyalty and a sense of comradery within the company.
Visible, Personalized, and Engaging
Personalization is a powerful way to keep participants engaged and empowered within the program. Engage various groups that are vital to your business success and growth. Include external groups as well, for example: Distributors, Manufacturers, Dealers, Retailers, Channel Partners, etc.
Simple, Attainable and Meaningful
Keeping it simple is sometimes the best way to retain the success of the program. Keep participants engaged by making goals that are attainable but meaningful. Convoluted systems and formulas will only cause frustration.
Communicate & Advertise Results
Communicate and share results throughout the company when goals and rewards are obtained. Create hype within a competitive environment. Drive the success of the program by actively communicating. Advertise the impact of the program to stakeholders.
It can be difficult to develop and manage an incentive program for your company. If you need help motivating your employees, or designing incentives for your company, the professionals at Gapp Group can help you develop a plan. Any company can run an incentive program, but honestly, there is no point in doing so without strategic planning and implementation.
Contact Us or Request a demo today and see how our platforms can push your incentive program to the next level!