Organizations understand that they need to take good care of their varied resources, no matter what they are or where they're stored. Every element plays an integral part in the proper function of the company, and no part is more essential than well-trained, engaged personnel. The level of integration, communication and performance a company can hope to achieve from their staff members may have a strong basis in the kinds of compensation they're offering.
ASTD wrote that a recent CareerBuilder study showed the competition for top candidates in the sales field has become highly contentious, with many businesses vying for the same few people and creating a saturated hiring environment. Increased technological and skill demands have created a search environment where potential hires are deterred from positions they could qualify for, while those with too much experience and training are being chased by too many different businesses for any of them to make a sensible decision.
Meanwhile, more than one-third of all frontline personnel involved in the study stated that they felt underemployed and about one-fifth are looking to leave their employers. In response to these personnel grievances and hiring issues, many organizations are looking to retrain their existing staff to meet the growing demands they face for new personnel. This helps increase retention and engagement factors within the organization, making people feel more appreciated and valued. This in turn can result in replacing monetary incentive compensation options with training and advancement opportunities, benefiting businesses and their staff as well.
Offering employees what they want
Still, offering more money for training and better performance remains a strong impetus within business structures of all kinds. The CareerBuilder study showed that 73 percent of all responding organizations will pay personnel more money and push them to gain more experience, thereby motivating staff on a number of levels to become the employees that companies need. This will relieve the strain of training new individuals, a savings that companies can use for incentive programs like these.
One of the most important things to keep in mind during this process, The VAR Guy stated, is to ensure that the money being given out is what the company can afford and will significantly encourage more quality from personnel. Talking to staff about incentives and sales compensation before, during and after the build-up process to the next skill level will ensure that companies save time and money from chasing the same few candidates as other corporations, resulting in superior internal relationships and enhanced personnel intelligence.