Improve employee retention rates with sales incentive management

It's important that businesses give their employees the tools and resources they need in order to be most effective at their jobs. At the same time, companies need to encourage their staff to come up with new and innovative ideas as to what other kinds of resources may be beneficial to their jobs, enhancing engagement and generating more interest in what people do for a living. When employees are actively thinking about their daily activities, it's more likely that retention will rise and satisfaction will increase, as people become more invested and curious about what they actually do for a living.

Generating interest
According to HR Magazine Online, creating more sales incentives that relate to cognitive participation as opposed to just financial rewards is one of the easiest ways to boost corporate performance overall. At the same time, these endeavors make staff members feel more empowered and connected to the work they are assigned.

As the source pointed out, almost half of all employees in industries that focus primarily on routine function rather than active thinking may be seeking new jobs in the coming year. This could prove a costly retention issue if these kinds of organizations aren't more proactive in generating innovative programs and new solutions that help employees get more invested in their jobs.

"Often people will have been recruited for one role and will have ended up taking on two or three more on top of that," Martin Reed of Thomas International told the source. "Employees need to feel they are valued in the role they currently perform, not just the one they were recruited for."

Costly disengagement
Retention is only one of the main issues that organizations face when trying to manage staff numbers, sales incentive compensation and overall budgetary issues. According to a recent study from 15Five and the Huffington Post, there are other hidden expenses in the sales talent management sector that can cause significant harm to corporations if they aren't finding innovative and engaging ideas or programs that make their staff members feel valued and interested in their work.

The source pointed out that dissatisfied, uninterested employees could be costing corporations upwards of $450 million per year in terms of lost revenue and productivity. This is a considerable problem for organizations of all kinds, as the source indicated that roughly one in five personnel currently suffer from active disengagement.