Corporate incentive programs are a basic function of every business, large or small. Every employee and client contributes to the overall success of the company and are rewarded with pay or a service, but they deserve recognition in order to assure repeat performance. The employee is expected to continue to produce the same results, and the client is expected to be a repeat customer. A very simple “thank you” gesture shows each how much they are appreciated and assures they continue to be a part of the ongoing business success.
Employee Incentive Programs
Employees are the heart and soul of every business. They know they are, and management knows they are; the best approach is to provide regular recognition of their importance in order to inspire them toward even better output as they reach for more recognition. Employee incentives are part of the overall corporate incentive package which provides reasons for everyone involved to contribute to the best of their ability toward the overall success of the company.
Employee Performance Rewards
Performance rewards for employees always adds incentive as they realize hard work is appreciated. Whether it’s a manager who inspires a team to perform beyond expectations, a top salesperson who closes a deal with a client who was courted by a competitor, or a janitor who always shows up five minutes early and makes everyone else have a better day with a simple smile, every great employee both deserves recognition and is inspired to greater performance through tangible appreciation and rewards. Cash bonuses are always appreciated but hard to define and require hard rules to incorporate. Gift cards to restaurants, credit towards merchandise catalogs, or vacation travel credits are often worth more to the employee than the negotiated price to the company and are therefore a win-win solution for both parties.
Incentives for Customers
Corporate incentive programs as they apply to customers are similar in application as to what is offered to employees but different because the customer has no inherent loyalty to the business other than the great service with which they are provided. Incentives for customers can be as simple as a percentage discount for products or services based on the amount of business they provide. Corporate incentive programs for customers can also provide additional rewards when they become repeat clients with ongoing business needs and requisitions according to what will help their company continue to thrive as a business.
Rewards for Clients
The difference between a customer and a client is that a customer conducts multiple independent transactions while a client maintains an account with an ongoing billing system according to ongoing services provided. It it important to understand the difference between the two and provide rewards of appreciation for the continued business and cooperation provided by a client over a customer. Rewards for client participation in company programs can be as simple as credits toward a gift catalog for each representative or as elaborate as a vacation trip for those in the client company who support the future success of the providing business.
Channel Sales Partner Companies
Beyond regular clients and steady customers is the concept of business partnership and channel sales in which one company relies on the services of another company and the second relies on the prospects provided by the first to maintain their bottom line. In these instances, it is absolutely appropriate to allow corporate incentive programs to extend to the employees of the sister company which provides continued success to the parent, or for the sister company to show appreciation for the continued business through a shared corporate incentive program with the employees of the larger corporation who make it all happen. Ultimately, when companies work together and recognize each others’ contributions to the success as a whole, everybody benefits.
Why Corporate Incentive Programs Are Important
Corporate incentive programs benefit both the givers and the receivers. Contact Incentive Solutions for corporate incentive programs and reward plans. The corporate entity which provides the incentives and rewards sees better production from their employees. The employees get, for lack of a better term, free stuff. Employees appreciate fringe benefits and especially enjoy working for a company which shows appreciation for their hard work. Employees who feel appreciated always work harder to maintain the expectations which they’ve become accustomed to providing, rather than slacking around because they feel their efforts don’t matter. When employees are happy, as they are when provided with incentives and rewards, employees provide better results on a daily basis. Such results multiply as others catch on to the feeling of productivity and contribute more as well.