Businesses of all sizes have realised the benefits of data and how it can help them improve. This is no different for Incentive Programs.
Data is the buzzword of the 21st century. Businesses of all sizes have now realised the huge benefits of having access to information. That's why 85 per cent of companies are trying to be data-driven, according to a report by US firm NewVantage Partners.
This is no different for Incentive Programs. When providing incentives to employees and channel partners, it's essential you have comprehensive analytics functions in place. Doing so offers a range of different benefits:
85 per cent of companies are trying to be data-driven.
1) Allows you to improve your incentives program
Only with analytics will you be able to truly hone your Incentives Program and make it the best it can be. For example, by measuring which types of incentives employees are choosing, you'll be able to understand which ones motivate your team the most, and change the prizes accordingly.
2) Track ROI
Likewise, any incentives program you have in place must garner sufficient ROI. Analytics will be allow you to track whether the program is helping people hit their KPIs better and producing enough returns.
3) Improve performance
When you introduce an Incentives Program, you'll need to choose certain behaviours, values or KPIs that you want to reward. Tracking which of these your employees are getting the most prizes for will also allow you to see what behaviours they aren't doing so well in.
Once you start to see a common theme that a certain behaviour, value or KPI is being ignored or forgotten, you can work on improving education and awareness around it. Creating more training around the behaviour will help employees feel more comfortable doing it. You can also change your incentives system's emphasis so that a larger number of points are given to employees who carry out the previously neglected behaviour.
By using data analytics, therefore, you can help to improve performance evenly across the board.
4) Help to identify any employee or team issues
Data analytics will also allow you to track which employees or teams are winning the most prizes. Once you see a pattern, you can talk to the high performing teams to work out what methods they use to hit their KPIs and other requirements. You can also discuss performance issues with the employees that aren't doing so well, and suggest they try some of the techniques you've learnt from the high performing teams.
5) Give your employees motivation
Want an Incentives Program with comprehensive analytics functions? Look no further than Power2Motivate.
Analytics allow you to create gamification elements such as leaderboards. Introducing an element of competition may be just what you need to get your teams performing at their very best. This is especially the case if your Incentives Program is targeted at salespeople, who are often naturally competitive.
Reporting and analytics with Power2Motivate
Want an Incentives Program with comprehensive analytics functions? Look no further than Power2Motivate. Our three-click reporting system allows you to view data on a range of areas, from how many people have logged into the program to how many awards have been issued per department. The easy to read reports can be downloaded in PDF and Excel formats, and they are also able to show ROI and engagement.
We also have a survey tool which allows you to gather essential feedback from employees, providing you with as much information as possible to improve your business.
At Power2Motivate, we understand the importance of data analytics in creating an effective Incentives Program. For more information, reach out to the team today or request a demo.