It's not a secret that companies that always play it safe may never see the kind of dramatic success that they need in order to become market leaders. These firms continue to maintain their course, slowly seeing minimal gains and remaining almost stagnant in their individual sectors, failing to fall back or leap forward in the competitive industries in which they exist. Taking risks has therefore been glorified by some businesses as the best way to get ahead, but finding ways to calculate the fallout and mitigate disaster is important for companies that want to make it big without risking a dive.
In order to do so, firms need to focus on strategic sales incentive compensation plans. These resources allow organizations to provide rewards to their staff members for meeting advanced goals, outperforming other employees and creating a competitive, challenging work environment that's geared toward better output and performance. Engineering these kinds of landscapes requires that rewards be desirable and increase interest in engagement, thereby ensuring as much adherence and participation as possible.
Wal-Mart is in the midst of such a trial program, as Bloomberg Business reported. The company is adding more than 50,000 new seasonal employees to its roster for the coming holiday sales period, but only 35,000 of them will be retained past the start of 2014. That means that 20,000 people will lose their regular employment if they fail to outperform their peers, creating an innate sense of motivation for all personnel that want to stay with the company for more than a couple of months.
The outward-facing impetus for adding all these new staff, according to the source, is to ensure there are always well-stocked shelves during the shopping rush. It also makes it easier for customers to locate a worker and get immediate assistance when they need it, thereby increasing positive feedback for the organization.
Walking the line
Boosting real, positive impressions of the store can help significantly in creating more sales opportunities for Wal-Mart and organizations of all kinds. Whether it's an international retailer or a home-grown small business, taking advantage of good consumer experiences by getting better online reviews and word-of-mouth recommendations is a significant part of corporate enhancement.
Businessweek added that this has become a substantial motivator for a growing number of firms. More entities are focusing on improving their online profiles and boosting positive reviews on sites like Yelp. The only way to do this fairly and legally, the source noted, is by getting real customers to talk about their experiences. Otherwise, retailers could face fines or lose privileges to review sites in general. Adding sales incentive compensation to the mix can help employers earn their good feedback and gain greater legitimacy among a broad spectrum of consumers.