Beyond Monetary Incentives! Having a robust incentive strategy means including both financial and non-financial rewards. See the options.
Okay, the title is a lie. Money doesn't buy happiness beyond a certain point. That's why incentives work. We don't work or go above and beyond just for good feelings, and because of this, we get caught in the trap of thinking that we must only provide financial incentives. However, what do you do when facing a smaller budget? Or you're in a highly regulated industry and cannot give money at all? Or you just can't at all.
According to a study by the Incentive Research Foundation, non-cash incentives can be just as valuable. In fact, 63% of employees who receive them feel valued, 61% feel appreciated, and 57% feel recognized. So, let's take a look at some non-financial incentives you can offer to motivate and engage your partners and reps.
Sit-downs: Meeting a celebrity, expert, or executive is a rare opportunity not afforded to many. Giving them high-value access to experts (Executives, Sales Leaders, Product Specialists etc.) to discuss challenges and strategies and gain specific insights that will bring them immediate business impact.
Career Development: Offering exclusive education and training opportunities can be an excellent way to help reps grow in their careers. Examples are resources for how success looks and is achieved. According to a Society for Human Resource Management study, 84% of employees said career development was essential to job satisfaction.
Recognition: Acknowledge their efforts in front of their peers through a formal recognition program or let them be part of a roundtable. Providing public or private recognition can be an effective way to motivate reps. According to a survey by Globoforce, 83% of employees said recognition for their contributions was more fulfilling than rewards and gifts.
Social Impact: Offering volunteer opportunities or supporting charitable causes can give them a sense of purpose and fulfillment. According to a survey by America's Charities, 68% of employees said that a company's social responsibility activities influenced their decision to stay with it.
Exclusive Events: Providing access to exclusive events, such as customer conferences, VIP tickets or product roundtables, can be a fantastic incentive for reps. According to a study by Eventbrite, 69% of millennials say that attending live events makes them feel more connected to other people.
Ideally, a well-rounded incentive strategy that includes financial and non-financial incentives can effectively motivate and engage your partners and reps. Watch the clip below where Christine Styles - Director of Sales Enablement, expands on this topic:
At ChannelAssist, we have over 25 years of sourcing, distributing and developing rewards. Contact us today to see how we can help you develop an incentive strategy that works for your channel.
Maehr, M. L., & Meyer, H. A. (1997). Understanding motivation and schooling: Where we've been, where we are, and where to go. Educational Psychology Review, 9(4), 371-409.
Melvin, M. A., & Shank, M. D. (2014). Enhancing channel member motivation: An analysis of incentive mechanisms. Journal of Personal Selling & Sales Management, 34(3), 206-222.
Kozak, M., & Pauknerova, D. (2017). Types of non-monetary incentives in the workplace: A systematic review. International Journal of Management Reviews, 19(3), 333-356.
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We discuss the importance of offering motivating incentives tailored to each group, purposeful communication to foster a sense of belonging, passionate promotion of, purposeful training, and empowering channel partners.
For 25 years, ChannelAssist has helped organizations drive billions in revenue by optimizing indirect channel sales rep engagement with our end-to-end development and management of channel incentive programs.
ChannelAssist is a channel-focused engagement, incentive innovator, and customer-obsessed team behind industry-leading companies.