Incentives have long been recognized as one of the most effective ways to motivate others. The importance of incentives is known internationally. A research paper by Calista Lai of the Jyväskylä University of Finland explores the benefits of incentives.
When it comes to channel sales teams, employees, or anyone else, the equation for productivity is:
Ability + Motivation = Productivity
According to Calista Lai’s research, the difference between Incentives and rewards is as follows:
“An incentive is defined as something that triggers a particular course of action, a reward is given following a desired behavior to increase the probability that the behavior will be repeated.”
Ideally, rewards and incentives are used together, both to encourage desirable behavior, and to reward positive action.
There are three categories that rewards/incentives fall into:
- Tangible non-monetary
- Intangible non-monetary
Examples of monetary incentives could include stock options, bonuses, paid time off, etc. Tangible non-monetary incentives include Visa Prepaid Cards, Gift Cards, merchandise, experiential rewards, etc. Intangible non-monetary rewards typically take the form of social recognition.
A study in Performance Improvement Quarterly found that incentives can improve performance by as much as 44% and increase productivity by 27%.
If you’re ready to start an incentive program or take your current incentive program to the next level, All Digital Rewards has the technology and capabilities to set you up for success. All Digital Rewards’ reward program management software, SaaS with RewardSTACK™ can simultaneously support multiple rewards and incentive programs with the click of a mouse. While our real-time reward management solution functions as a turnkey modular platform, it can be customized and tailored to accommodate individual client and project needs, deploying thousands of rewards in over 150 countries, and supported by industry-leading reporting and analytics.
Our reward platform technology features include:
- Marketing Automation
- Points Liability Reduction
- Points Calculation Engine
- Modular Design
- 3rd Party Integrations
- Tier Management
- Rules Management
Our dynamic technology architecture allows us to offer a customized solution specific to your company’s needs. For more information or to speak to one of our channel partner incentive program specialists, call us now at 866-415-7703, or click on the button below to schedule a demo.