How an employee rewards program can increase sales and improve your business’s bottom line
The statistics don’t lie: organizations with higher than average employee engagement have 25% higher profits, 50% higher sales, 50% higher customer loyalty and 38% above average productivity.
Armed with that knowledge, is it any wonder that more than half of America’s companies use incentive programs?
If you’ve been considering how much you could increase sales and ultimately your bottom line by implementing an employee rewards program, take a few moments to read over this guide, it answers many of the common questions about how and why a rewards program is so invaluable:
Give them goals
An employee rewards program offers your workers an incentive to achieve goals which in turn motivates, engages and drives them to be more successful. It only makes sense since being recognized and appreciated is a basic human need—most people work harder to reach goals when there is a reward involved.
And beyond their paycheck, it is recognition from management, customers and their peers that drive people to achieve.
Watch them achieve
What happens when you set goals, measure performance and give rewards for a job well done? Employees are not only more motivated, they’re happier, more productive and do a better job all the way around. And those employees who are engaging with customers or tasked with making sales will be inspired to not only reach quotas—they’ll be driven to break them.
See sales numbers rise
Companies with happy and engaged employees see a direct correlation with sales. Employees that are involved in the business know not just what the company stands for and the mission, but they understand the “why” behind the processes. And it’s these employees that work harder to help the company be successful.
Incentives give them a stake in the business
An employee rewards program does more than provide your team members with a goal and a reason to achieve it, it provides them with a deeper connection to the company which in turn motivates them to be instrumental in your success. So you can see how offering rewards to your workers can ultimately lead to more sales—and an increase in your bottom line.
- Improve attendance
- Improve morale
- Improve performance
- Increase productivity
- Increase efficiency
- Increase sales
- Decrease turn over
Why incentives and rewards work
Incentive and reward programs work because they tap into the basic human drivers that motivate people. Even though all people are different and have different ideas when it comes to inspiration and the value of the reward, the best incentive programs are designed so that everyone relates to them. These basic human drivers include:
- The desire to be a part of something bigger than themselves: People want to contribute the success of the company and make meaningful contributions to the end result.
- The desire to feel appreciated: Everyone wants to know that their work matters. Recognition from management and peers validates their hard work and accomplishments.
- The desire to be the winner: A competitive spirit is a common human driver and the desire to “hold the sales record” or be the “top” in any given category, is always a motivator. It is also common for workers to be inspired to elevate their company to “number one” or help them become the leader in the industry.
- The desire to have tangible rewards: Whether it’s a plaque on the wall with their name on it or a physical reward that has meaning to them, incentives that are tangible inspire people’s basic human desire to acquire rewards.
Motivated employees = better service = happy customers = increased sales
Motivated employees work harder and offer better service which leads to happier customers and increased sales. Every year, more and more companies are realizing the value of treating their employees how they want their customers to be treated. It not only boosts morale and increases retention, it decreases churn.
It’s also no secret that nearly every company that looks for an incentive or rewards program discovers that online programs are not only faster, smarter and easier to implement—they’re more likely to be embraced by their employees, since technology impacts how people do nearly everything in life and work.
crewHu gives you the ability to set goals , measure performance and reward your team all in one easy-to-use, interactive, customizable platform. For a free trial or a demo of how it works, get in touch with us today.