A recent study by the Incentive Research Foundation found that many companies surveyed build and run their own Incentive Programs. Most of the people surveyed indicated that their companies had the capabilities in-house to run programs on their own, and in fact, many companies run successful programs that include most or all of the Incentive Basics – Performance Strategy, Communications Plan, Training, Rewards, Analytics, and Recognition.
But in my experience, there are also a great number of companies that are “leaving money on the table” in terms of Incentive Program results by trying to do-it-themselves and in the process, seriously hurting their business results.
If you are going to run your own program, you might want to avail yourself of program development information available online, starting with The Incentive Research Foundation, which has published a number of Incentive process white-papers and studies. The IRF is at: www.theirf.org. You may also contact companies such as ours that make it their business to create solutions that, by including all of the Incentive Basics, deliver superior performance results that more than pay for their services.
The first step in Reimaging your Incentive program is to examine your Incentive strategy. We see a lot of companies that have done the same thing year after year and never really think about what needs to be changed or improved in their Incentive Basics to drive better results.
Next time, we’ll tap into the brain of The Business Group’s Bob Dawson for an in-depth look at the performance strategy planning process. In the meantime, you may want to pick up Bob’s book, “The Secret to Incentive Program Success,” available on Amazon and at other booksellers. The book is focused on Sales Incentives, but the concepts apply to any Incentive Program where you are trying to change behaviors to drive business results.
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