How To Increase Job Satisfaction with Sales Incentive Programs
by Nichole Gunn VP of MarketingIt is well documented that today’s businesses are doing more
with less. That means salespeople, like all other types of employees, are
taking on more stress and responsibilities, pressured to gain share in crowded
markets. It also means that chances of burnout, exhaustion and demotivation are
higher. You can only lose so much money to the termination and onboarding churn
before it’s time to decrease sales team turnover and increase sales motivation
and job satisfaction. The best way for a leader to change the culture in their
companies and among their sales teams is by investing in sales motivation and
engagement tools like incentive programs,
rather than relying on cash rewards to keep motivation afloat.
Job Satisfaction vs. Bonus Culture
The long-held status quo in motivating sales teams has been
to use cash incentives. Cash, at first blush, seems like the most logical way
to fire up salespeople. It’s universally appealing because it can be spent on
anything and there’s no learning curve in implementing and distributing it as a sales incentive system. But we’ve found that non-cash incentives and intrinsic
(or internal) factors are greater motivators than money.
The answer to retaining salespeople is not more bonuses, but
more satisfying and meaningful work. One of the ways you can encourage
salespeople to value their roles and their achievements is by investing in a
non-cash, online sales incentive program. Online incentive program technology
amounts to more than just a cash bonus reward system—its various features and
capabilities mean that you can gradually change company culture and facilitate
job satisfaction.
These important factors help elevate online sales
incentive programs beyond cash bonus rewards:
Pride and Prestige: Recognition of Achievements and Sales
Skills
The main problem with a cash bonus reward system is that
cash carries no sentiment or recognition value, and recognition of
accomplishments is vital to employee retention and job satisfaction.
- Online
sales incentive programs make it easy to maintain and update features like
a Leaderboard, where top performers are recognized publicly and regularly
for their achievements.
- Program
participants can redeem online incentive program points for items in a
reward catalog. These tangible, non-cash rewards can symbolize their
achievement and make the memory of their accomplishment last much longer
than a cash bonus could.
- With
an advanced performance
tracking feature, you can manage multiple sales incentive promotions,
including scheduled, simultaneous or one-time promotions. This ensures
that your program objectives stay up to date and everyone participating
has a chance to earn rewards, so you’re recognizing and motivating your
entire salesforce, not just top performers.
Engagement: Continuous Incentive Program Participation
Engagement is another valuable aspect missing from a simple
cash bonus reward system. Cash bonuses are dropped into wallets and bank
accounts and then forgotten, added to the lump sum of existing funds. But an
online incentive program has the potential to be personalized and meaningful to
program participants, an interactive digital portal they return to for various
reasons.
- An
online training feature in your sales incentive program encourages
participants to increase product knowledge. With reward points being easy
to earn by passing quizzes or completing surveys, participants will
self-direct their education and training will become a regular part of
their weekly or daily routine.
- Gamification
can be a powerful draw if implemented in an online incentive program.
Imagine if, instead of playing popular mobile games like Minecraft, your participants played Daily Trivia or play Spin to Win games on your incentive program app. Gamification gives them ample reason to visit your incentive program again and again. The higher your program participation rate is, the more returns you’ll see on it.
When it comes to sales incentive programs, reward systems
are more likely to increase job satisfaction if they are not based on cash
bonuses. Various psychological studies and surveys confirm that salespeople’s
job satisfaction has more to do with emotional factors like respect and
appreciation than it does with pay. Online sales incentive program technology
has the ability to tap into these emotions with diverse, engaging features. In
the end, the return-on-investment is far more lucrative than cash bonus
motivators.
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Created on Sep 17th 2020 07:48. Viewed 364 times.