When you think of the “service industry” in America you probably think of the millions of waiters, bartenders, valets and porters earning a living primarily from tips… Treat the customer right and you get paid more. Do your job quickly and accurately; and get immediate feedback from your customer in the form of a higher tip. It’s pay for performance in its purest form: an economist’s dream.
Read More
Analytics is hot and growing hotter. More specifically it can revolutionize the way you make decisions, which could make you and your company more successful. Analytics is the Holy Grail of Sales Performance Management. If you work in the realm of SPM you already know this because the term “analytics” has been a buzzword around SPM solutions since the dawn of time (or at least 15 years).
Read More
I wonder what the true value of free time would be to the average American? It would be an interesting experiment to modify an incentive compensation plan to use time as currency instead of money. What if the bonus for hitting quota was not just a monetary reward but also a time reward? What if an extra day off came with a smaller bonus? If a sales rep had the choice of a bonus plan paying in money or time or a blend which would they choose?
Read More
Our objective when attending these conferences is to expand our network and expand our brand. It’s part marketing, part sales and part knowledge sharing. We told our story to as many professionals as we could and that makes it a success, but you always want more. I suspect we will be a regular attendee. WorldAtWork does a great job putting these on and this was only the second year of the Spotlight on Sales Compensation.
Read More
The fascinating element to me is the prize money. In that first season, the prize money was a huge part of the show. I distinctly remember hearing about it constantly. The contestants were frequently being asked to describe what they’d do with the money. Players schemed with an end game of winning. It was truly a competition. This last season, I found myself asking my wife if there was still prize money. There is; it’s just not a central theme of the show anymore, or so it seems.
Read More
Theoretically, all government employees work for us, right? I know it rarely seems that way. Most of the time it seems as if a public servant is elevated in status and not really held accountable by his or her employer, the public. But in this time of crisis what we’re really trying to do is squeeze more results out of less money. What we need is a performance management plan that contains the necessary incentives for achieving our goals. Let’s take a look at some possible plans.
Read More
Coin Operated World is a blog series covering innovative and unusual ways to achieve results through the use of incentives. If you’re fascinated (like me) by any attempt to modify behavior through the use of incentives, you’ll enjoy this read. In a recent issue of BusinessWeek they chronicle a proposed behavior modification initiative in [...]
Read More
As is the case in most American households, we tend to watch a lot of shows about food. My better half is a borderline fanatic. She records the Iron Chef, Last Cake Standing and Chopped with religious fervor. I usually end up watching unintentionally, but I have to admit that those shows are surprisingly entertaining. [...]
Read More
During the last NFL season sports fans were treated to a record breaking year of fine activity. Fine, in this context, does not mean good or good enough. It means money. NFL players who violated rules were fined thousands of dollars by the league. Personal conduct was a big issue in the preseason. Ergo, get [...]
Read More
Are you using gift cards as non-cash incentives within your organization? You may think that the recipients of these cards would be more likely to actually use them if provided more time in which to do so. However studies have shown that a faster expering gift card is more likely to be used. One such [...]
Read More
