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Incentives, Rewards and Recognition

Rewards and recognition are key strategies used by organizations to boost sales performance and hence, generate increased revenue. Research has shown that, incentives – whether cash or non-cash – provide motivation for sales teams but how much impact do such incentive programs really have on performance and behavior? What kinds of reward and recognition programs really matter in producing results? How do companies identify, develop and implement the kinds of incentive offerings necessary to align with corporate objectives? Cash rewards would intuitively seem to be the greatest and simplest motivator for companies to adapt. However, new studies have shown that organizations that provide non cash rewards and recognition outperform other firms, regardless of size. These studies have shown that “best in class” companies, which are the top 20% companies in the research, are more than twice as likely to provide more non cash incentives to their sales force than other firms. These companies also have as a result more than triple annual corporate revenue increase, higher revenue per sale, higher attainment levels and higher retention rates. While best practices seem to follow then that companies benefit most by moving forward with non-monetary reward programs, it is important to keep in mind the various factors that play into the success of incentive programs. A one size fits all approach is not effective.

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