Across the Board – The Universal Application of ICM
We take a lot of time to talk about the motivational power of incentives on this blog, and there’s a very good reason for that: they work. Time and again, our Insights data has shown that when you pair an Incentive Compensation Management solution with your Customer Relationship Management platform, the results are staggering – increased engagement, improved morale, and most importantly, higher growth. At this point, it’s second nature to implement a system to manage your customers and your performance, and if increased revenue and improved morale are your goals, then CRM and ICM need to be the 1-2 punch you provide.
But, and I don’t meant to alarm you here, Sales-oriented B2B companies are not the only companies out there! In all seriousness that industry is only one vertical, one slice of business in the world. There are verticals for different focal points, each with a unique market and employee type. Now, there is no coverall solution here – you need a system that can be tailored to fit the needs of your specific industry. But there is one thing that unites every employee at every company in this ecosystem – whether B2B or B2C, from SaaS and High-Tech to Life Science and Media, every vertical market is inhabited by people, and people are inspired by incentives.
Here are some examples from organizations outside the traditional model, that show the impactful nature of an impactful ICM solution:
This is one of our favorites, as it shows the kind of fundamental behavioral modifications that incentives can inspire. We’ve all seen someone leave the restroom without washing their hands and wondered to ourselves just how it is possible for most people to remain alive all day, but you would think that washing your hands would be a fairly ubiquitous process in, let’s say, a hospital. Well, that is not the case, because it seems this impulse to dash back to whatever you were working on is pretty universal. But with a personally tailored ICM solution, this hospital was able to create the cleanly results it was after.
You may not jump to put truck drivers in the same category as sales reps, but as we hope to show you, employees are modular; we’re all people who are working on a specialized task, and we’re all motivated by incentives. Truck drivers have a “goldilocks” window for deliveries, a sweet spot where the goods are on time but not rushed; delays are bad for customers and perishables, but rushing puts the driver and the company at risk. So, to ensure deliveries were made in the safest and most efficient manner, companies learned to implement ICM solutions that rewarded the correct behavior.
Bank tellers – you’ve seen them, you’ve talked to them, you may even know one. If you know my Uncle Paul then you definitely know one. The point is, tellers are core to the banking experience, and banking, like every other industry, can benefit from incentive compensation management. Banks can establish an ICM solution to encourage a desired behavior. This behavior benefits the clients, tellers, and the Bank itself. For example, tellers may receive a bonus for each new loan consultation with a new customer. Knowing this, the teller will be more inspired to pitch this specific opportunity to clients.
[Product Video] Objectives
Tightly align employee performance with company goals and increase engagement with Xactly Objectives. Our Management by Objectives platform gives your company the tools it needs to roll out incentive compensation to all members of your organization, across any department.