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A favorite tool used by managers who oversee a sales team, incentive compensation can be used in many other work situations where employees can increase their earnings based on productivity. By rewarding employees for results rather than effort, managers often notice that their staff finds creative and successful ways to get their job done. Whether a substitute for a regular salary, or an added bonus on top of a worker’s regular pay, incentive compensation usually results in higher output.
In the case of sales, incentive compensation is usually set up as a bonus structure. Based on the number of deals a sales person closes, or the amount of money they bill for their employer, they are rewarded with bonus pay. Alternatives to monetary incentives can include paid vacation days, flex time, gift certificates, and any other creative rewards that managers can dream up.
Not all positions define productivity as clearly as those in sales, however, incentive compensation can still be implemented. For example, customer service employees can be rewarded based on the number of clients they assist each day. In cases where quality of service is more important than quantity, incentives can be based on the customer feedback.
All employers hope that they hire individuals who have an excellent work ethic and will excel at their job regardless of enticing incentives. However, it has been proven that employees who see their efforts directly rewarded do produce more. In addition, the competitive atmosphere that incentive compensation creates also drives worker output. While some companies keep employee’s productivity confidential, others pit employees against each other making it clear that those who do not perform up to par with their counterparts will not be rewarded and may be cut.
The success of incentive compensation does in part depend on the nature of the business and the personality of the employees. While some people are totally turned off by a competition-driven company, others are energized by this approach to management. Regardless, a well researched and well executed incentive compensation plan will usually result in a motivated staff and a profitable business.
What else can I help you with?
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