Incentive Planning - Expenses Management

Incentive Planning – Expenses Management

As the employees associated with sales usually have a higher amount of expenditure as compared to most other business professionals, it is very important for them to manage these expenses. There are various ways for rewarding sales personnel on the basis of how well they keep the expenditures of the company low. Some creative companies even go to the extent of conducting contests to find out who can manage certain expenses better, which may include airfares and food expenses. Some additional attributes to that which need attention are as follows −

  • Think on an Individual basis − A person who puts a higher value on social attributes might be motivated to give better performance by giving him some extra time off to volunteer for various social activities. On the other hand, a person oriented towards economy might be just be eager to get rewards in monetary terms and give less weight on the other intellectual rewards.
  • Teams too Need to be Recognized − Sales staff members, unlike the management, don’t work while being isolated from the outer world and usually are part of a larger organization. They realize their importance in a sales organization, so the recognition of the team and rewards for individual performers is desired by many members of the team. Moreover, certain people feel at home while working within a team environment and want their colleagues to be acknowledged as well.
  • Out of the Box Thinking − A factor that motivates one individual might be a let-down for another. When Companies are not sure about what motivates whom, they should try to look deeper and analyse things up. On the other hand, doing the same thing repeatedly will result in staff members feeling bored with the job. Monotonous reward systems actually act as regressive factors to the employees and fail to obtain the desired results. Companies should use their creativity and imagination to cultivate more interactive ways to reward their employees.
  • Don’t Make the Rewards seem like Punishments − If the venue for the organization’s yearly sales meeting is within a holiday destination, do not restrict their staff members from enjoying the destination. Do not conduct a continuous series of meeting for the full extent of time for which the venue has been booked for.
  • Maintain Consistency − As it goes for the case of compensation, the system of rewards and recognition must be also transparent and must not be subject to the unethical practice of picking favourites. Playing favourites is unfair, unethical and socially illegal when it comes to rewards and recognition. Rewarding needs to be built on certain proofs of accomplishments, irrespective of how small or how grand the accomplishment maybe.
  • Make It Fun − While giving a gift, companies should not just buy a boring thing that they may think to be a safe bet. They should buy the things that their team members really deserve and would appreciate. They should aim better than just buying a new gadget, luxurious goodies, personal care items and so on.

In the end, appropriate Incentives Planning in a company shows that the extra effort that companies put is appreciated in return, which makes the employees believe that they have a higher regard within the management.

Encouraging the internal motivators of a person is one of the full-proof ways of achieving success for a manager at all times.