Launch flexible incentives to boost the development of a new business segment
The goal of our assignment was to support the launch of new business segment, through the design & implementation of tailored flexible reward incentives for the sales & client back office teams of the new business.
OBSTACLES AVOIDED - Hazards
Simply increase base salaries for teams working on the new business
Use standard incentives, less relevant for the new business context and challenges
OPPORTUNITIES TAKEN - Freebies
Revisit, together with the business,new relevant Key Performance Indicators measuring true business impact
Create a team purpose between back office teams with client-facing/front office onesthrough some alignment on their reward & recognition philosophy.
MILESTONES - Waypoints
Identify motivating factors for the teams
Define pragmatic business Key Performance Indicators (e.g. leads, market penetration rate, sales results, client response rate, service level... )
Benchmark on reward practices
Design flexible incentives program & mechanisms (threshold, accelerators, decelerators,.. )
Budget & implement the new schemes
Analyse project results versus ROI
In the process, we have seized the opportunity of the project to bring added-value on some side business aspects.
