Understanding the target audience is critical for bringing the right clients to the table. However, when businesses are spending too much time looking at their outward prospects, they run the risk of losing touch with their personnel. In recent years, the lackluster economy has put a lot of corporations on the prowl for better marketing and advertising campaign tactics, but even as the market begins to get on track for success, firms have failed to begin targeting their employees and the demands that must be met in order to facilitate retention.
Looking at reward trends
A recent study by Palazzo, a major investment bank firm, showed that advertising has become the central focus of many organizations. At the same time, incentive compensation management techniques are being pushed aside in order to dedicate more funding to marketing endeavors. This could be putting a substantial strain on employee relations, since pressure to work harder and close more deals isn't necessarily being met with increased managerial support.
The problem is, companies are looking for their personnel to offer them more without extending anything in return. As Phil Palazzo, the firm's founder, said in a recent release, the most compelling means of getting better performances out of employees is offering them incentive compensation. When organizations fail to do so, it can result in scenarios where staff members become stressed out, unengaged and run the risk of terminating their relationships with their employers. In order to avoid these scenarios, managers need to consider what they can do to help their workers feel more appreciated, even if these bonuses aren't financially based.
"Agencies are doing better, but they are not rewarding their staffs in a commensurate fashion," Palazzo said.
Getting more competitive
In order to avoid losing employee engagement or further harming relationships, companies need to seriously consider adopting or fine-tuning incentive compensation management plans. Creating a system that rewards personnel for a job well done may not sound essential to some businesses, but given what the Palazzo study revealed, it's more important than ever if corporations want to maintain relationships with their most valuable players.
As The Metropolitan Corporate Counsel stated, more high-ranking personnel are being offered performance-based rewards. These same programs should be put into effect with sales professionals at every level of the organization in order to promote more fairness and recognition of exemplary sales techniques.