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Inspire employees with these incentive compensation ideas

By May 7, 2013June 11th, 2024No Comments

Sales performance management can be tricky. Personal touches when creating an incentive plan is a great way to show employees that you care. However, when it comes down to it, what people really want is a bonus, commission or some sort of monetary incentive. Striking a balance is key to keeping staff members happy and successful. The following are a blend of traditional and creative tips to rewarding hard work. Set up the right commission plan Commissions are a stalwart part of American office culture, and they’re not going anywhere. Employees have come to expect commission plans for sales-based jobs, which motivate them to work hard each day. Finding the right compensation plan can be difficult for any supervisor or HR representative, especially while trying to strike a creative balance in a modern office, which is why so many have enlisted the help of sales compensation software to develop the best plan for any type of  work environment. Simple recognition Team members will of course appreciate monetary gains for their hard work, but there are other ways to recognize them in an office setting. While commissions and bonuses can be rewarded privately, Forbes reports that it’s nice to publicly praise an employee with company emails congratulating them on a job well done or personalized thank-you notes to place on their desk for everyone to see. Has a worker been coming in early and staying late, dedicating themselves to a project that later went off without a hitch? Don’t just reward them with a commission –  take the time to recognize that their hard work may have taken them away from their spouse or kids. Send flowers or a gift basket to an employee’s partner and they’re sure to feel appreciated and continue to produce high-quality work.

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Ballast Point Ventures

Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

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