Getting people to do a job means more than telling them just to do it. This will of course result in them attempting to carry out the tasks they've been assigned, but it won't render businesses the best product. It could also endanger employee engagement and performance figures, making it essential for companies to find other ways of making people want to do their jobs, rather than just telling them to do so. While some companies may rely only on motivational coaching or performance reviews, those who go above and beyond their goals should warrant a more marked show of employee worth from leaders.
Money where it's needed
Investment News wrote that incentive compensation is the primary agent in earning a better response from personnel. These programs give staff members a reason to do well – because they will be rewarded with bonuses like public accolades, travel benefits, time off or money. Matt Cooper, a financial advisor manager, told the source that he applies such incentives to all of his workers in order to encourage more output. He stated that making people feel motivated requires offering them something more for the time and effort they're willing to put into their sales generation attempts, and those who perform the best are given the most perks. Cooper's firm witnessed an increase of $5.6 billion in the four years since the organization switched from a salary-only to incentive-based reward system.
Getting everyone on board
Targeted incentive compensation management creates a system wherein other personnel can see the kinds of benefits doing better at work can provide. Fostering a visible bonus system may not be on every company's list of things to add to their sales process management shortlists at the moment, but these programs can encourage better output across the workforce. When other personnel see the kinds of extras their coworkers are receiving, they will feel pressured to perform more to their specific goals, while those already in that adequate bracket may try harder to get the same perks they've seen top earners achieve. According to a study by the Financial Planning Association, about half of all advisors in this profession earned compensation on top of their base salaries for attaining these higher levels of sales and performance at their workplaces. The study shows that incentive compensation is a viable option for entities having trouble getting staff to meet revenue requirements.
