When you think about incentives, what comes to mind? You likely answered ‘sales people.’ But when you think about it...
Incentives are all around us:
- As a banker, you educate customers about the latest car loan special for the month, and you can earn a gift card or other non-cash reward.
- As a truck driver, you can deliver your product at the optimum time, and earn more money.
- As a MAC makeup artist, you can conduct 5 or more makeup demonstrations, and earn yourself extra discounts on products.
When we start to change our perspective on what we mean when we say 'incentive', we realize they come in all shapes and sizes. To incentivize is to motivate. Why wouldn’t a business owner want to motivate their team to sell more and work harder? We all understand motivation and its importance. But best of all, there’s something in it for the employee as well. This is the magic behind using incentives to drive human behavior. It works! Data time and time will show, when someone has a clear understanding of what’s in it for them, they are going to rise to the occasion quicker, and with more determination than if there wasn’t anything extra on the table to gain.
In the Recruiting World Incentives Come Twofold
They exist both externally, and internally. From an external perspective I share with potential candidates what the open job they’re interviewing for entails, and I also share with them the 'why' behind it. Why do people want to work here? It’s the people, the collaborative environment, the extensive benefits, the opportunity for growth; those are the things that really sell the position I’m recruiting on. Anyone can read a job description, but they won’t hear the why, which is what makes my job so fun and rewarding. I have the opportunity to drive human behavior by sharing with people the perks that come with the open job. From an internal perspective, some companies reward recruiters with commission when placing someone new at their company. Obviously, this is going to drive human behavior to go the extra mile, place more people in the right jobs, and work with a sense of urgency. A win-win-win for the company, the new hire, and the recruiter.
Incentives for Employee Referrals
An incentive most companies have, and one I’m sure you’re familiar with, is the employee referral program. Good talent knows good talent, and companies who tap into current employee networks will find that some of their best employees come from these programs. Goes back to the old cliche, “It’s not who you know, but who knows you!” It’s true, and it works! Xactly’s products are based on this same methodology, when you incent the right way you begin to shift human behavior: You find that your bank tellers are talking about car loans to every customer, truck drivers are going the distance, and MAC makeup artists are filling their schedules with demonstrations. Having a platform where employees can visibly see what extras on are the table will produce more ROI, and will make for an overall more driven workforce.