• There is a direct link between employee satisfaction and customer satisfaction, and between customer satisfaction and financial success, according to “Linking Organisational Characteristics to Employee Attitudes and Behavior,” a study by the Forum for People Performance Management and Measurement, Department of Integrated Marketing Communications at Medill School of Journalism, Northwestern University.
• The shareholder performance of organisations on Fortune magazine’s list of 100 best companies to work for outperformed the general S&P index by as much as 300 percent over a seven-year span according to the Great Place to Work Institute and the Russell Investment Group.
• Knowledgeable and attentive employees account for 80 percent of the reasons that consumers feel satisfied, according to a PNC Bank Corp. survey.
• Incentive programs can increase performance by up to 44 percent in teams and 25 percent in individuals, according to “Incentive, Motivation, & Workplace Performance,” a study by the International Society of Performance Improvement.
• According to a study by The Gallup Organisation, only 21 percent of Australian employees are “engaged” – that is, employees who work with passion and feel a profound connection to their company. This leaves a staggering 79 per cent of workers disengaged and, according to the same study, those actively disengaged employees cost Australian businesses around $32.7 billion per annum through poor productivity, absenteeism and a lack of pride in their work.
• 70 percent of unhappy customers abandon vendors because of poor service, according to the Forum Corp.
What was once the sole domain for top performing salespeople, incentive-based initiatives are now being used right across the enterprise to “incentivize”, recognise and reward everyone who touches the organisation - from non-sales employees through to distributors, retailers, agents, customers and even shareholders.
Incorporating the right motivation and incentives into your internal and external marketing mix can have a significant impact on employee and customer engagement. The right programs and rewards can motivate behavioral changes, boost productivity and performance, improve retention and increase loyalty, all resulting in improved business performance, customer satisfaction and a healthier bottom line.
Spend a few hours at Motivation & Incentive Expo, the official exhibition for incentive marketing in Australia. Being held at the Sydney Convention & Exhibition Centre on July 24-5. The expo is open from 10am to 5pm on Tuesday, July 24 and Wednesday, July 25 at the Sydney Convention & Exhibition Centre. To receive free entry, register online at www.MotivationBiz.com/mice.
Some of the world’s most respected thought-leaders in incentive marketing and people performance management will be speaking at the Motivation in Business Summit on July 24 and 25 at the SCEC. The summit, held in association with the Motivation & Incentive Expo, will deliver more than two dozen local and international speakers to an expected audience of more than 150 delegates. Topics including employee engagement, incentive program design, reward strategies, enterprise incentive and recognition, measurement and ROI metrics, employer branding and creating commitment in the workplace, makes the summit a must attend for anyone responsible for maximizing the performance and engagement of internal and external audiences. Keynote speakers include: Michelle M Smith, President of the Incentive Marketing Association in North America; Tom McMullen, co-author of Managers Guide to Rewards; rewards practice leader for HayGroup Chicago, Jon Von Rentzell; VP Enterprise Engagement for Carlson Marketing Group; Kevin Panozza, CEO of SalesForce, the only company to ever win three successive “Best Employer in Australia and New Zealand” awards; and many more.
They need to motivate customers to opt-in to receive ongoing targeted marketing and other information, to buy, and to remain loyal. They need to inspire salespeople to sell, channel partners to work harder, and employees at all levels to deliver the promises made in marketing and sales communications.
Managing these motivation processes across multiple audiences has become known as “people performance management” - an emerging business field that focuses on achieving financial success through a strategic approach to people throughout the organisation.
People performance management provides the strategies and tools to help organisations maximize the commitment and engagement of customers, channel partners, and employees, even shareholders, in order to optimize sales, productivity, quality, and financial results.
1. Strategic planning
Avoid focusing solely on the award. Incentive and recognition programs should address specific objectives with specific strategies and tactics that generate measurable results.
2. Understanding your audience
Who are you targeting, how can they impact the goal and what are their demographics, circumstances, motivations, capabilities and buy-in?
3. Fact-finding & involvement
What currently stands in the way of achieving the goals? Market conditions, training levels, management problems? Programs must address these obstacles.
4. Program structure
What are the specific goals? What do people have to do? How will they be measured? How will the improved performance be measured?
5. Communication & Training
What has to be communicated in order to achieve the goals? How and when will the message be communicated? And what will be the message?
- Michelle M Smith (Michelle will be the opening keynote presenter at Motivation in Business Summit).
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