Personnel are interested in working toward goals that they find favorable to them. It's up to organizations to make sure that these targets are also in line with enterprise endeavors and long-term corporate success. In these instances, it can pay to have a streamlined sales incentive compensation strategy, as these deployments help drive employees to strive toward outcomes that are mutually beneficial to their bosses and to themselves.
The presence of compensation plans in the workplace allows organizations to offer staff members rewards toward packages and benefits they already possess. However, offering these options in a more favorable light or with better financial incentives can be a plus for both corporate and individual endeavors. Utilizing options such as health plans and 401(k) investments as part of incentive management can help firms increase individual output while ensuring return on employee investment.
Changing incentive options
According to Tire Business Online, Key Bank parent organization KeyCorp announced its strategy for sales incentive compensation next year would take on the form of wellness and health bonuses for staff members and their families. This program places a real dollar amount into a health savings account that personnel can then use for reducing medical insurance premiums, buying into health club memberships or pursuing other wellness endeavors that ensure ongoing positive personal maintenance.
Such a move replaces the company's previous compensation plan, which awarded a $600 membership discount toward the same program. The new strategy allows employees to see a direct correlation between their ongoing effort and the cost of their healthcare options, allowing them to earn more and take increased ownership of the program's outcome.
Planning better futures
Another way in which organizations could improve sales incentive compensation and drive better workforce participation in these plans is by helping employees take charge of their futures. While many compensation strategies focus on present-day perks, helping personnel plan for the future bears its own rewards for organizations and individuals, increasing loyalty while ensuring greater productivity.
This can be achieved by creating buy-in compensation plans for retirement income programs, CBS News wrote. A recent study by Metlife showed that over 90 percent of current workforce initiatives recognize 401(k) packages as bearing the possibility of long-term monetary generation after retirement. By helping staff members plan for this part of their lives and secure their futures, companies can ensure that employees stay with the corporation through the end of their working years, building toward retirement through improved personal output.