Four Easy Steps To Building A Powerful Employee Incentive Program

Want to build a successful incentive program for your company? Have you dreamt about finding ways to have more fun at work and still see BIG results? At the heart of every employee incentive program is the ability to motivate and reward your team for excellent performance. In this article, I will show you four easy steps to build an incentive program that allows everyone to win!

Setting objectives: For any type of employee incentive program, your team must feel the goals are attainable and realistic. An incentive program should also fit into your company's overall business strategy and be easy to measure. Using targets such as revenue growth, client retention, service satisfaction and profits, are some of the ways to establish incentive objectives. Lastly, the ideal incentive program will allow each person in your company to feel they have an opportunity to win.

Tip From The Coach: To build a powerful incentive program, plan a brainstorming session with your team so they can share unique insight about ways to make the program a giant success. Listen to their input, as they will lead you to the GOLD!

Developing a strategy: Be certain your objectives are simple and well defined. Then, do everything possible to ensure your company goals can be evaluated fairly and objectively. For example, your monthly revenue or the number of new sales each month can be easily measured. Once you have outlined the goals to be measured, then build a specific schedule of how frequently you are going to report the progress of your incentive program. For instance, if your incentive program is going to run for three months, then plan on announcing the rankings every two weeks, to keep top-of-mind awareness. Lastly, clearly outline the rules of your incentive program in writing and define the specific time period to be measured.

Tip From The Coach: When building your strategy, be certain to focus on win/win. Also, consider what will happen to morale if many participants don't---or can't---achieve their incentive objectives.

Establishing awards: Start by establishing your budget for this incentive program by defining the "projected" number of awards to be given. Then, consider the "people profile" of your team to develop appropriate awards that will be memorable and the winners will take pride in receiving. This is another great topic to brainstorm with your team because if you give them an open forum, they will tell you exactly what is important to them and to those they manage.

Tip From The Coach: Your team will be most inspired if they feel the incentive rewards are meaningful enough to justify their efforts. Some award ideas? a nice dinner with the President of your company, education/training classes paid for by the company, a paid day off with cash for shopping, a special plaque to reward top performers, special recognition at your next meeting, or a trip to a vacation resort.

Evaluating the results: Bravo! Your incentive program is completed and now is the time to evaluate the results and to justify the success of your program. Start by getting feedback from your team by surveying them and asking for their feedback. Ask them if the incentive program made a difference in their performance and ask for any suggestions they have to improve future programs. Then, evaluate if the program helped your company achieve its goals while consider any improvements you would make for the next incentive program.

Tip From The Coach: When evaluating the success of your incentive program, look for any side benefits you didn't expect, such as a new spirit of enthusiasm, reduced turnover or increased teamwork.

Want to hear more about this important topic or ask some additional questions about employee incentive programs? Fax a note on your letterhead to 435-615-8670 or send an E-mail to [email protected] and The Coach will fax/E-mail back to you a free invitation to be a participant on a TeleForum conference call.

Author's note: Ernest F. Oriente, The Coach, is the founder of PowerHour® a professional business coaching/recruiting service and the author of SmartMatch Alliances?. He has spent 17,500 hours [since 1995] delivering customized training, by telephone, in leadership, traditional/Internet marketing and sales for fast growing sales companies and entrepreneurial businesses worldwide. PowerHour® specializes in global distance learning by telephone, using their state-of-the-art conference call system for interactive and dynamic TeleForums. Twice-monthly TeleForums link 10-100 executives/professionals/individuals who are geographically dispersed, in a time efficient and profitable format.

PowerHour® is based in Olympic-town?Park City, Utah, at 435-615-8486, by E-mail [email protected] or visit their TeleForum website: http://www.powerhour.com. To receive a FREE success newsletter, with subscribers in 74 countries, send an E-mail to: [email protected]. Recent PowerHour® articles have appeared in 4000+ business/trade publications and websites.

In The News:

Luckin Coffee Sales Rise Sixfold  Wall Street Journal

Needs Based Selling

I am sure you are familiar with the phrase, "I... Read More

Doomed Before You Dial?

Several weeks ago, I conducted a "Mastering the Cold Call"... Read More

Selling Your Business ? Step by Step Process

So it's finally come time to sell the business. After... Read More

Prepare to Sell!

Sales is a critical part of any business, including non-profits.... Read More

Your Profit is in Your Follow-up: A System for Increased Sales Conversion

No matter what you sell--products, services, or causes--one of the... Read More

Lessons Learned At Gunpoint

"If you do anything foolish or try to get out... Read More

Miracles are Your Responsibility!

John Di Lemme on "Miracles are your responsibility"Miracles are your... Read More

9 Ways to Keep Clients Coming Back For More

A lot of effort is put into getting new clients.... Read More

Successfully Selling Your Professional Services

As a professional service provider you face special challenges promoting... Read More

Exporting to Europe: Not the Challenges You Think

If you plan to do sell your product or service... Read More

How to Eliminate Objections to Price

Have you ever stepped your way through the sales process... Read More

Model Dell: The Art of the Affiliate Coupon

Along with having an innovative supply chain, there's another reason... Read More

Cold Calling Pressure Reduction

Who likes cold calling? Most salespeople don't like cold calling,... Read More

How To Sell Your Products or Services on Value And Stop Selling On Price Alone

Have you ever met with, or talked to a prospect... Read More

3-Levels Of Successful Selling

Any selling approach that lacks a proven strategy, a practiced... Read More

Sales Brochures - 9 Steps to Success

Even in this day of websites, many customers want to... Read More

Why Are We All So Afraid?

What can strike terror into the heart of even the... Read More

The Doors Of Opportunity

Alexander Graham Bell once said, "When one door closes another... Read More

Winning Sales Proposals

Your proposal is selling for you when you're not there,... Read More

Define Your Best Customer

To be more effective at developing relationships, one should always... Read More

Count Down To An Advert

There are hundreds of books available to teach you how... Read More

Sorry, But Im Not Buying From You!

Former General Electric CEO and legendary manager, Jack Welch, nailed... Read More

Future Business Key Element In Sales

A challenge facing many businesses is how to maintain a... Read More

Marketing Conversations, And Conversation Stoppers

Where many marketing conversations get off-track are the ones you... Read More

The Force That Drives Buying Decisions

What do people buy? They don't buy your wonderful presentation.... Read More