Motivating employees is a key benefit of a well designed incentive compensation plan. If an executive sees that sales are falling behind company projections or that workers seem unhappy at the office, it may be time to adopt a dynamic incentive compensation management program. Each employee is unique and may be motivated by different techniques, but there are a few major aspects of an ICM plan that will consistently drive performance. Keep reading to find two of the most impressive ways an ICM plan can motivate a workforce: Financial rewards A good incentive compensation plan will reward hard work with financial rewards such as bonuses, merit increases or other dynamic and creative rewards such as days off or tickets to a popular event. These financial motivators are the heart of the ICM program, and are often the main driving force in improvement in sales and company behavior. Recognition In addition to doling out monetary rewards, a VP of sales can publicly recognize the hard work that has been carried out by a team member. Whether it’s a company-wide email that is sent around the office recognizing the top salesperson of the quarter, or if it is announced at a company meeting, these positive accolades provide positive reinforcement and help drive performance.
