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Use incentive compensation to brighten up company culture

By May 6, 2013January 16th, 2023No Comments

Utilizing incentive compensation programs can do more than just reward top employees. Depending on what approach is taken in the process, a compensation program can unify a workforce and improve company culture. Teamwork is key Focusing on teamwork in an office is a key element to bigger sales and better company culture. Awarding incentives to groups rather than individuals is a highly effective way to boost revenue and teamwork. Cipo News recommends clearly explaining to workers that employee evaluations and merit increases will be linked to team performance rather than individual sales. This promotes team unity and higher sales. Strong leadership No matter how disciplined and self-motivated an employee may be, having a strong leader is essential to creating a positive work environment that fosters high achievement. According to Fox’s Small Business Center, businesses need strong leadership to succeed. Leaders can focus on strategizing and creating systems to reward employees through fair promotions, incentives and bonuses. Good leaders know when to lead and when to allow their employees to shine – putting trust in employees shows them a manager values the work they do and recognizes their individual talents and abilities. Focus on morale It’s no surprise that those who are happy with their work life are more likely to bring out their best performance. Boosting morale doesn’t have to be difficult, according to Cipo News. People remember how their supervisors have treated past and present employees, and behave accordingly. A salesperson who has seen a colleague get shut down when bringing up a new idea is unlikely to present their own. This leads to a negative work environment and may prevent the company from utilizing new and innovative techniques. When workers are unhappy, they will do their best to leave, and they might just take their great unheard ideas with them. Treating employees with respect and recognizing their contributions through incentives and competitive compensation plans is a great way to keep morale high and as a result, a way to keep sales even higher.

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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.

Harbert Management Corporation

Harbert Management Corporation seeks to generate superior returns for their investors by identifying and investing in the most promising early growth stage companies in the Southeastern U.S. HMC seeks to capitalize on what it believes are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, and an established entrepreneurial community. The HMC team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. With offices in Birmingham, Alabama; Richmond, Virginia; and Gainesville, Florida, it’s well positioned to partner with entrepreneurs throughout the Southeast.

KBH Ventures

KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

S3 Ventures

S3 Ventures is an early expansion and growth stage venture firm with $200 million under management. It’s focused on information technology solutions that solve large business problems. S3 also invests in medical devices that improve the human condition. S3 invests in category-defining opportunities. It partners with the team and help focus methodically on what it takes to build a successful company. S3 today helps talented entrepreneurs take their technology and market knowledge and form valuable businesses in a repeatable fashion. Investment sizes start at several million or more for Series A, B, and C financing.