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Consider
these compelling reasons to take a closer
look at incentive programs for your business: |
1)
Knowledgeable and attentive employees account for 80% of the reasons consumers
feel satisfied, according to a PNC Bank Corp. survey.
2) Fewer than one in four American workers is working at
full potential; half of all workers do no more than directly asked, and
75% of employees say they could be more effective in their jobs, according
to the Public Agenda Forum.
3) 70% of unhappy customers abandon vendors because of
poor service, according to the Forum Corp.
4) A 5% increase in customer retention can increase lifetime
profits from a customer by 75 percent, according to The Loyalty Effect,
by Frederick Reichheld.
5) 65% of executives believe that incentive programs using
travel and merchandise are more memorable than those using cash; 60% of
executives believe that sources of merchandise and travel are more helpful
in creating an incentive program than are sources of cash, and 57% of executives
believe that bonus payments are often regarded by employees as something
they are due, according to the 1999 Incentive Federation Survey on Incentive
Practices. |
To
mobilize people to achieve specific objectives, incentive programs marshal
a combination of processes, including goal setting, assessment, award selection,
communications, planning, tracking, training, and direct marketing. These
programs are designed to help organizations motivate and equip people to
achieve set goals in a specified period of time-and do it in a way that
does not conflict with long-term compensation and pricing issues.
Incentives go far beyond the issue of selecting appealing awards, however:
They lie at the heart of developing a successful, performance-oriented corporate
culture.
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Before
planning your next incentive campaign, take time to review the appropriate
overview selected from the list in the box. Each offers a concise, step-by-step
guide to the critical issues you have to master in order to implement an
effective program. The information is designed to answer your basic questions
regarding incentive programs and provide checklists to the critical steps
you'll need to follow in order to succeed. These checklists do not take
the place of expert management or advice.
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