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Incentive Compensation ManagementSales Performance Management

What does your incentives program say about your company culture?

By February 13, 2018January 16th, 2023No Comments

Corporate culture is one of the crucial elements of a company. Besides their mission statement and business objectives, companies are often defined by their workplace culture. Whether companies describe their office environments to new recruits or reiterate what makes them great to current workers as a morale booster, companies should consider how all aspects of the workplace are impacted by their corporate culture, including their incentives.

As companies work on shaping their corporate cultures, they need to determine how they present it, especially to job seekers. Because looking into a firm’s corporate culture is one way applicants evaluate how they will fit into the company, employers should try to specify what their cultures entail and what they hold most dear, TLNT suggested. If companies prize professional development, they could emphasize learning and training programs and plans in their corporate culture description. They could attract workers who rank career advancement and development as a top priority, which could help companies land star workers.

How corporate culture could be influenced by incentives
With the various ways companies can attract new and talented employees, companies could also try to incorporate incentives in creating a definitive corporate culture.

Employers may ask themselves what do incentives have to do with corporate culture? As incentives are critical in helping firms meet their revenue goals and ultimately their mission statements, employers could use incentives to better form their corporate cultures. The incentives companies give out to workers are often a reflection of what the firm values and which actions are deserving of rewards. For example, employers could reward and recognize employees who are outstanding at customer service. Tracking sales effectiveness metrics like customer retention rate or churn among clients could guide companies in achieving their own business objectives.

Another example is in giving workers team-based rewards that could foster a cooperative work environment that is built on the philosophy that workers should collaborate and share ideas to improve innovation in the company. These actions in turn aid in workers understanding what the company stands for.

Providing workers with the incentives needed to boost productivity is just one step in fulfilling the company’s goals.

When done right, incentive plans could promote a positive organizational culture that strives to celebrate employee and corporate achievements. These rewards combined with a thriving corporate culture could help companies sustain revenue growth, keep workers satisfied and ensure the company accomplishes its long-term goals.

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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.