Most managers think employees are only motivated by fair and competitive salary, allowances, health insurance, promotions and retirement funds. For a long time now, sales commissions have used monetary incentives by many companies to maximize employee productivity and efficiency. But what many companies have failed to identify is that besides the high pays and generous benefits, there other non-monetary sales commissions that employees deeply need to remain motivated. By non-monetary sales commissions, I mean any commission offer in a transaction which doesn’t involve money or cash.
Similar to how monetary commissions motivate workers towards achieving certain goals, non-monetary sales commissions are also known to play a critical role when it comes motivating employees. According to latest findings, employers have recently resulted to using non-monetary sales commissions to simply motivate employees because as the economy continues to decline this serves as a great point for yielding positive results for a business.
Although there may be some slight difference between monetary and non-monetary sales commissions, business owners should identify that these two commissions purposes are very similar with the major difference being the type of rewards each offers. And speaking of non-monetary sales commissions, some of the common awards include offering flexible working arrangement for employees, providing day off (especially outside the annual leave), trying to offer rewards based on personal interests, coming up with annual, monthly or quarterly award events, creating training programs and more.
Because non-monetary sales commissions are known to offer flexibility, memory value and trophy value among employees, which eventually leads to the betterment of a company, it is important for each company to have. And like the monetary commissions, non-monetary sales commissions plans are also guided by rules which govern how employees should be compensated and the managers also to play an essential part in ensuring the plans help the company to fulfill its goals.
And because non-monetary commissions can be somewhat tricky for some companies to manage, Blitz is available to offer a commission tracking and management software that will help your company get the best plans on non-monetary commissions.