MINNEAPOLIS, April 19, 2016 /PRNewswire/ -- BI WORLDWIDE, a global engagement agency and leader in sales incentive solutions, reveals insightful findings from its study examining how employee engagement and sales success are impacted by corporate compensation and reward systems.
After surveying 575 sales compensation experts, BI WORLDWIDE pinpointed the most effective strategies to stimulate improvement within a sales team. Overarching research findings revealed:
- Compensation plans that effectively use cash, non-cash and recognition rewards enjoy increases in sales volume, retention and customer satisfaction.
- Implementing a "move the middle" approach where incentives engage salespeople across the entire spectrum of productivity, helps companies increase employee retention and sales volume.
- Incorporating robust communications, better analytics and reliable reporting tools ensures that managers are fully engaged while maximizing the benefits of a total rewards program.
"Our findings are invaluable to employers because the data clearly outlines the fundamental building blocks that make up a successful rewards portfolio," said Mark Hirschfeld, Vice President of Sales Engagement Strategy, BI WORLDWIDE. "This study provides critical insight into the impact of incentive and reward programs, and how to implement methodologies that encourage the most engagement."
Beyond best practices for employee productivity, the research outlines common challenges sales organizations face while implementing compensation strategies, including:
- Competing incentives within the same time period.
- Lack of support from other functions/departments.
- Sales data that isn't timely.
"Building a successful sales team takes more than commissions to be effective, requiring thoughtful allocation of funds within a diverse awards system, along with consistent support across leadership and internal departments," explained BI WORLDWIDE's Vice President of Sales & Channel Engagement, Walter Ruckes. "Through analysis of factors impacting productivity and engagement, we can establish a balanced and effective system leading to a more profitable workforce."
The full research can be found here.
About BI WORLDWIDE
BI WORLDWIDE is a global engagement agency that uses the principles of behavioral economics to produce measurable results for its clients by driving and sustaining engagement with their employees, channel partners and customers. Supporting 140 countries through seven global headquarters and operating in 22 languages, BI WORLDWIDE continues to bring best in class solutions to its global and regional customers. For more information, go to: www.biworldwide.com.
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SOURCE BI WORLDWIDE