How To Run Successful Incentive Schemes

by Fisher, John G.

• ISBN13: 9780749443962
• ISBN10: 0749443960
• Edition: 3rd
• Format: Hardcover
• Copyright: 2005-08-30
• Publisher: Kogan Page Ltd

Summary

The biggest asset for any organisation is a well-motivated workforce. Motivation breeds productivity which in turn generates profit: the key to a healthy future. But how many employees ever reach their potential at their place of work? Almost everyone has the capacity to perform better, and it is a shrewd manager who recognises that performance improvement programmes should be part of any long-term business plan. Clearly set out, this third edition offers practical advice for any manager or director wishing to construct an effective motivation programme or incentive scheme for staff, salespeople or distributors. The topics covered include: the profit potential, the 'human audit', constructing the programme, building the budget, rewards effectiveness, flexible benefits, incentive travel, measuring performance, recognition systems. Using relevant case histories from around the world, this new edition of How to Run Successful Incentive Schemes now contains updated information in keeping with the latest developments on the Internet and new software advances. Now endorsed by the Institute of Sales Promotion as a recommended text, it is a must-have primer for anyone with the responsibility for improving performance at work.

Table of Contents

Preface to the third edition	vi
1. The profit potential	1	(9)
Improving performance	1	(4)
Where should you begin?	5	(3)
Specific incremental profit	8	(2)
2. The human audit	10	(27)
Human audit guidelines	12	(1)
Company performance	13	(3)
Personnel inventory	16	(8)
Digging deeper	24	(2)
Understanding job roles in detail	26	(1)
Recruiting the decision makers	27	(1)
Taking an overall view	28	(6)
Testing your presentation	34	(3)
3. Constructing the programme	37	(36)
Motivation theory	38	(7)
Performance improvement in practice	45	(3)
Isolating the objectives	48	(4)
Quantitative objectives	52	(2)
Incentive techniques for individual participants	54	(9)
Variations for team participants	63	(1)
The middle-band concept	64	(1)
How long should the incentive programme last?	65	(3)
Rules and regulations	68	(3)
Tiered reward systems	71	(2)
4. Building the budget	73	(12)
The concept of incremental profit	74	(1)
Cost headings	75	(10)
5. Does more money motivate?	85	(16)
Basic salary	86	(1)
Salary plus commission	87	(4)
Performance-related pay (PRP)	91	(1)
Money - the worst motivator	92	(9)
6. Flexible benefits	101	(36)
Benefits as security	102	(1)
Benefits as loyalty incentives	103	(24)
The stages of effective communication	127	(1)
Tax, insurance and financial planning issues	128	(3)
Administration	131	(4)
Is choice of benefits motivational?	135	(2)
7. Incentive travel: everyone's top reward	137	(30)
Extraordinary rewards	137	(3)
Promising the earth	140	(7)
Making incentive travel different	147	(12)
Trends in incentive travel	159	(1)
Individual incentive travel	160	(1)
Significant product factors	161	(2)
Other means of transport	163	(1)
Forward planning of destinations	164	(3)
8. Tangibles: merchandise	167	(10)
Merchandise catalogues	168	(6)
Invent your own catalogue!	174	(3)
9. Tangibles: vouchers and services	177	(13)
Advantages of vouchers	178	(2)
Redeeming features: 'universal' vouchers	180	(1)
Disadvantages of vouchers	181	(1)
Administration	182	(1)
Voucher promotion	183	(1)
'Designer awards'	183	(1)
Developing technology	184	(6)
10. Events	190	(13)
Meetings and conferences	191	(6)
Hosted weekend incentives	197	(2)
Group activities	199	(1)
Staff parties	200	(3)
11. Measure, monitor, mirror	203	(14)
Measure	205	(7)
Monitor	212	(2)
Mirror	214	(3)
12. Recognition systems	217	(8)
Why recognition works	218	(1)
Types of corporate recognition	218	(2)
Club concepts	220	(1)
Distributor clubs	221	(1)
Frequent buyer/loyalty programmes	222	(1)
Informal recognition	223	(2)
13. The future of incentives	225	(4)
Index	229

Excerpts

1. The profit potential Improving performance Where should you begin? Specific incremental profit 2. The human audit Human audit guidelines Company performance Personnel inventory Digging deeper Understanding job roles in detail Recruiting the decision makers Taking an overall view Testing your presentation 3. Constructing the programme Motivation theory Performance improvement in practice Isolating the objectives Quantitative objectives Incentive techniques for individual participants Variations for team participants The middle-band concept How long should the incentive programme last? Rules and regulations Tiered reward systems 4. Building the budget The concept of incremental profit Cost headings 5. Does more money motivate? Basic salary Salary plus commission Performance-related pay (PRP) Money – the worst motivator 6. Flexible benefits Benefits as security Benefits as loyalty incentives The stages of effective communication Tax, insurance and financial planning issues Administration Is choice of benefits motivational? 7. Incentive travel: everyone’s top reward Extraordinary rewards Promising the earth Making incentive travel different Trends in incentive travel Individual incentive travel Significant product factors Other means of transport Forward planning of destinations 8. Tangibles: merchandise Merchandise catalogues Invent your own catalogue! 9. Tangibles: vouchers and services Advantages of vouchers Redeeming features: ‘universal’ vouchers Disadvantages of vouchers Administration Voucher promotion ‘Designer awards’ Developing technology 10. Events Meetings and conferences Hosted weekend incentives Group activities Staff parties 11. Measure, monitor, mirror Measure Monitor Mirror 12. Recognition systems Why recognition works Types of corporate recognition Club concepts Distributor clubs Frequent buyer/loyalty programmes Informal recognition 13. The future of incentives