A recent report found that motivating employees takes a well-rounded incentive compensation plan that includes financial incentives and, just as importantly, job satisfaction. The U.K. study conducted by the Institute of Leadership and Management collected responses from more than 1,000 workers, and found 59 percent of those surveyed said enjoying their jobs was a powerful motivator. Of course, money also remains a top motivating factor for employees – 49 percent of employees said they were motivated by how much they were paid.
The results point to an important lesson for businesses: motivating employees requires a balanced and thoughtful incentive compensation management plan, which focuses on fostering employee happiness as much as it focuses on increased revenues. One of the best ways to create an ICM program that will motivate employees while also contributing to increased job satisfaction is by using incentive compensation software. Software allows VPs of sales and other supervisors to monitor employee performance so they can track just how well an incentive is affecting employee performance
For example, one way to motivate employees that can simultaneously encourage professional growth while enhancing the worker experience is to offer less traditional rewards. Instead of offering a direct financial bonus as an incentive for hitting a sales quota or winning a sales competition, managers can offer rewards such as days off, gift cards to spas, sporting events or tickets to popular plays or musicals. These rewards are great for staff morale and, if they are desirable enough, will spur performance, driving employees toward their greatest achievements.
By using incentive compensation software, managers will be able to create interesting ways to motivate employees without sacrificing job quality or employee happiness.
