Powerful Employee Incentive Program © by Ernest F. Oriente, The Coach
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 employees must feel the goals
are attainable and realistic. The incentive program should also fit
into your company’s overall business strategy and should be easy
to measure. Targets such as revenue growth, cash flow, customer
retention and profits, are just some of the ways to establish the
objectives necessary for your company to succeed. Lastly, the ideal
program should allow each individual in your company to feel they
have an opportunity to win.
Developing a Strategy: Be certain your objectives are simple and well defined. Then, do everything possible to ensure that your company goals can be evaluated fairly and objectively. For example, new sales can be easily measured each month, and are easy to track. 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 the program. For instance, if the 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 the program in writing and define the specific time period to be measured.
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 a few of your key managers. Given an open forum, they will tell you exactly what is important to them.
Evaluating the Results: Bravo! Your incentive program is completed and now is the time to evaluate the results and to justify the success of the program. Start by getting feedback from your team by surveying them and asking for their feedback. Ask them if the program made a difference in their performance and ask for any suggestions they have to improve future incentive programs. Then, evaluate if the program helped your company achieve its goals and consider any improvements you would make for the next incentive program.
So, consider these key points when planning an incentive program for your company. When done properly, a powerful incentive program will motivate your team, increase customer retention and allow your company to easily surpass its corporate objectives! The Coach says so! Author’s note: Ernest F. Oriente, The Coach, founder of PowerHour®, a professional business coaching service delivering customized training, by telephone, in management, marketing and sales for property management companies, apartment locator/corporate housing services and publishing companies worldwide. We specialize in global distance learning by telephone, using our 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 ski-town—Park City, Utah, at 435-615-8486, by E-mail ernest@powerhour.com or visit our TeleForum website: www.coachingsuccess.com. To receive a FREE property management success newsletter send an E-mail to: ernest@powerhour.com. Recent PowerHour® articles have appeared in 1500+ business/trade publications and websites. Back to Business Home Page Back to ComPortOne Home Page
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