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Welcome to the WISE newsletter, a program of
The Falcone Center for Entrepreneurship at Syracuse University

Wednesday, December 27, 2006

Rewarding sales staff

This press release points towards a report ($) and report summary (free, 6 pp.) entitled Best Practices in Sales Recognition Programs. The report is based on a study of 84 companies. Both tangible and intangible rewards for motivating salespeople were reviewed. According the summary:
One key finding that emerged was that companies, in aggregate, reported that a mix of 60% tangible and 40% intangible rewards was the preferred structure.
The press release notes:
Intangible rewards - that are clearly important to motivation - include special recognition by management at team meetings, praise in private and emails from direct managers. By contrast, tangible rewards are such items that can be touched or consumed such as gift certificates, trophies and plaques, and cash and dinner for two.
Informing sales staff of the rewards system requires a broad mix of communication methods, including face-to-face, company newsletter, orientation, e-mail and any other methods available to you.

It is important to remember that a reward will be valued if it is what the employee wants. So the report notes that you must know what will motivate the employee and solicit feedback.

Finally, Best Practices, LLC, the report author, does make you go through a few hoops before viewing the report summary. So be patient, if you decide to do so.


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