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Iconixx Insights BlogIncentive Compensation Management

3 creative tips for holiday bonuses

By September 27, 2013June 11th, 2024No Comments

It’s never too early to start thinking about the holidays, and salespeople are already preparing for a very busy time. Particularly in the B2C sector, the holidays represent a high volume of sales and plenty of hard work for sales professionals. Employers and sales team managers can develop fun bonuses for the holidays that make the work pay off. Using incentive compensation software, salespeople can even see their progress toward these creative rewards as they work day-to-day. Adding some spice to compensation for sales teams can make the holiday rush more festive, and profitable, for all. Here are some tips for holiday bonuses beyond the traditional:

1. Have a friendly contest
Businesses with multiple branches can have a sales contest between different locations. It’s easy to track performance through incentive compensation software, so this idea doesn’t create extra work for anyone at the business. Instead, it inspires a spirit of friendly competition between different branches. The creativity here comes in with the prize the company offers. Businesses can get as outlandish as their budgets allow with rewards for the top-selling location. For example, the winning team might be treated to a weekend of winter activities like skiing or snowboarding. Other options might include gift cards or vouchers for hot holiday season items the company produces or sells.

2. Encourage a charitable attitude
During the holidays, many people’s thoughts turn to those less fortunate. There are often food drives, toy drives and community meals to help people who have fallen on hard times. Sales teams may be interested in getting involved in these initiatives as well. Offering the option of donating an incentive to charity may motivate sales people during the holidays. A donation made in the salesperson’s name may be appealing, or a physical item contributed to a cause the business has decided to support for the season. Employers should be careful to provide bonuses directly to salespeople as well, of course, but a little attention paid to charity during the holiday season can be a program many people will enjoy.

3. Consider offering a mystery reward
A fun incentive for the holidays might be one that is, like most holiday presents, a secret until it’s opened. This can be a small gift, perhaps unwrapped at a company’s holiday party, that is a reward for a relatively small sales volume. Businesses may even determine the gift depending on an employee’s performance during the holiday season. This can add anticipation to the rewards process during the holidays, and provide a cheerful activity at a workplace gathering.

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KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

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