Incentive compensation management is hardly a one-size-fits-all initiative. Some individuals will be motivated by money to increase sales, while days off or other rewards may best suit others. According to a new study conducted by the University of Iowa, selecting the right motivational plan depends largely on individual employee personalities. Companies with diverse sales teams, administrative workers and HR professionals don’t have to settle for a generic incentive compensation management program. Instead, an executive can use incentive compensation software, which helps an individual design a customized plan that’s right for their business. Keep reading to find out how to motivate a diverse workforce: Rethink company roles When designing an ICM plan, an executive should first evaluate staff members and their individual traits. The University of Iowa study found that, in order to be effectively motivated, an employee must be doing work they value and can accomplish. On a sales team, this may mean moving a certain product at a faster rate, excelling in customer interactions or creating client loyalty. A VP of sales should take notice of these traits, and adjust roles accordingly. If a salesperson knows just how to interact with clients and enjoys the work, then an executive can shift their role to include challenging customer interactions. This will motivate a worker, and make them happier while on the job. Get creative with ICM plans Many organizations apply a standard ICM plan to their staff. Bonuses and commissions have been proven to drive sales, but a workforce is made up of individuals with their own tastes and priorities. A VP of sales should complement a traditional ICM plan with creative motivational tools such as days off, tickets to a sporting event or casual dress days for an entire department when they hit a sales target. A little creativity will pay off with big sales numbers and a happier, highly engaged staff.
