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Employee Recognition and Incentive Compensation

The leading business organization Recoginition Professionals International states that a corporate culture of recognition can help improve employee moral, retention, engagement and performance. While it may seem like employee recognition programs and sales incentive compensation may be very close concepts, many companies focus their recognition efforts on non-monetary rewards like clubs or plaques, thinking that these types of incentives will create a culture of recognition. However, employees will see through these sorts of programs very easily, and things like efficient and timely incentive payments can often be more powerful motivators for success. The most important part of any relationship is trust, and this includes the relationship between employers and employees, especially sales employees. When a sales representative can trust that their incentive compensation payments are going to be accurate and on time every pay period, they trust their employer. They know that the company cares enough to cover the basics and recognize their hard work through putting more money directly into their pockets. An automated incentive compensation management solution like Glocent can make this happen. Incentive compensation also covers other types of employee recognition for meeting corporate sales objectives, exceeding goals or helping others. With an efficient ICM solution, companies can easily set sales quotas and bonus schedules. When incentives are calculated based on actual sales numbers, these types of rewards are automatically rolled into incentive payments, and employees see immediate results for their hard work. Glocent also provides companies with ways to implement even more innovative recognition programs by offering high-performing sales employees incentives for mentoring lower-performing teams or representatives. By tying sales incentive compensation to mentoring programs, companies show high performers that they value their extra effort. Even though an automated incentive compensation management can make the task of paying sales teams for their efforts easier for companies, they don't necessarily replace all the other ways of showing employees that their company values their hard work. Old-fashioned employee recognition programs like coupons to a local restaurant or an employee of the month club can be a great addition to these systems. With the double efforts of fun and monetary incentives, companies can create a strong culture of recognition.

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