While motivating your sales team can be a difficult task, it’s a crucial factor in the overall success of your organization. Highly motivated sales professionals are more engaged with their work and have lower levels of absenteeism. They also help your business thrive by both acquiring and maintaining loyal and recurrent clients or customers.
The latest innovation in employee rewards is linking the rewards with company values to create “Value-Based Employee Rewards.” The key to this new reward theory is to create a mutually beneficial rewards system. When value-based rewards are implemented, employees need to embody company values, which is the initial goal of the HR program in the first place. The company wins by having employees on message, employees win by receiving spot rewards like gift cards, or even an extra few hours off. Here are three tips to implement value-based rewards at your office:
Millennials, those who currently are in the 18-33 age range, will make up 75% of the workforce by 2025. This generation posses an entirely different outlook on workplace culture than the generation before them. Technology is the primary Millennial influence, both in and out of the workplace. What are the best incentives for millennials to be motivated? Growing research shows that point system incentive programs have the highest success level, especially with Millennials. These employees want to not only be recognized, but they also want choices in how they are rewarded as well. Points programs are virtually foolproof, easy to understand, appeal to the interests of many different types of participants, tend to have higher participation rates, and are just plain fun! One amazing employee points program incentive model is the Values In Action program at CVS/pharmacy. An online rewards system where colleagues and managers can recognize one another by granting points that are redeemable for merchandise, travel vouchers, gift cards, and even the option to make a charitable donation. While points programs work best for Millennials, they can be customized for any diverse workforce. For more information on why points programs are so popular check out this article by Quality Incentive Company.
As technology keeps expanding and growing, so do our payment systems. We're starting to see forward-thinking payment trends involving everything from mobile to loyalty rewards. Here are some of the latest movements in payment technology: Mobile Capability With so many now owning smartphones, online shopping has seen a huge jump in mobile business. Because of this jump, companies are now placing a higher focus on mobile capability payments. Plus, now the focus goes beyond smartphones as payment systems are also being developed and tested for tablet optimization as well. Focus on Omniconsumers While mobile functionality is a very important factor for those in the payment industries, it's not only about mobile right now. Younger users are known for paying on a variety of different platforms, meaning the highest functioning payment systems will have to cater to a variety of different channels. A Blur Between Physical and Online Shopping Consumers are not sold on only in-person or only online shopping. Many prefer to utilize both. That means that a majority of complaints that come from these double shoppers is centered around consistency between the products offered and product pricing. Smart companies are working to create consistency between off and online, especially when it comes to utilizing coupons and coupon codes. Loyalty Rewards Loyalty rewards are becoming tremendously popular with consumers. Now, 73 percent of consumers carry loyalty rewards cards for their favorite businesses. And they don't keep it down to just one. One out of 10 customers carry six or more loyalty cards on any given day. This only goes to show the tremendous growth that the loyalty and reward businesses are seeing and will continue to see in years, and even months, to come. For more information, read "The Ten Hottest Trends in Payments."
Social media has made a big BOOM in the workforce. If you don’t believe it just ask any one of your employees using Facebook and LinkedIn, or, check their Tweets. As employees dive headfirst into the social media pool, it’s time for their employers to take the leap too. You can join the 40% of U.S. employers that have a social media at work policy, or you or you can join the workplace socialization movement. This has led to the development of a “Facebook for work” type of forum, where projects and goals can be shared and discussed publicly and workers are able to participate in the conversation by “liking” or “commenting”. Incentive Magazine’s, Jennifer Lumba, discusses some helpful tips on how to best use these popular social networks to leverage the most out of social recognition in the workplace: Name names, and name them often- Leveraging social networks is a great way to praise and acknowledge those that go above and beyond on a company-wide scale. Allow recognition to go beyond just employer to employee- By adding voting or ‘liking’ to status updates you can give the opportunity for peers and managers alike to acknowledge a job well done. Make the goal clear- Defining and publishing goals that team members can then sign up for creates a public forum for praise and recognition when workers succeed in making progress towards those goal. Check out more tips on how to take your recognition program social.
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