Incentive compensation plans are ideal for motivating a workforce. The right incentive compensation management program will drive sales forward and can even build team morale. The benefits of these plans are numerous, but when it comes to implementation, many executives fall short in one area: communication. In addition to doling out rewards for high performance, it’s important to communicate to staff about company progress and the effects of an ICM plan. A quarterly company meeting is the perfect opportunity for communication on a larger scale. Keep reading to find out how to incorporate ICM talking points into quarterly meetings: Relate success to individual performance Quarterly meetings are an ideal platform for sharing company achievements as well as areas for improvement. When holding a company-wide meeting, an executive can present statistics on how sales have improved, and relate increased sales with a successful ICM plan. Sales compensation software and business analytics can help make these presentations dynamic. These software programs gather company sales data and create colorful and easy-to-understand graphs and charts that can be shared with staff. This is also a great time to publicly praise a few star performers – a brief mention of impressive work will make those individuals feel valued and appreciated on a company-wide scale. Encourage communication In addition to congratulatory messages, quarterly presentations are an ideal place to welcome feedback on incentive compensation programs. During the meeting, after presenting information on the success of the programs, an executive can welcome further communication on ICM specifics and other topics via email or in-person after the presentation has come to a close. Encouraging open discussion between staff and supervisors not only shows a team that executives value their feedback, but also leaves room for fresh ideas that may benefit a business in new and exciting ways.
