How to maximise your incentive budget
One of the toughest challenges for any incentive planner is managing the budget of his or her programmes. Whether it’s a companywide sales programme for a Fortune 500 company, or deciding what model of watch to buy for an executive’s 10-year anniversary, a planner must take into consideration a number of factors when deciding how much to allocate to a given programme.
To help make these decisions, Incentive has released a new white paper that breaks down more than two dozen tips for getting the most from incentive spend.
The tip sheet covers a wide range of budget considerations, breaking down the topics into categories such as “Spending Strategically,” “Leveraging Technology,” and “Protecting Your Incentive Budget.”
Among the tips offered “Leverage your buyer assets,” which urges planners to consider the total of all the awards purchased throughout the organisation to find economies of scale. Another emphasises making the online platform adaptable to changes and upgrades, whether that means expanding it or simplifying it.
The report also includes a section on “cutting strategically,” with tips such as “be transparent with everyone across the company” and “prioritise and shake things up.” The full report includes a bonus section on “Making the Case for Value-Based Award Selection” that urges planners to remember that “whether it is a merchandise award, a gift card, or a travel incentive trip, an award will have a greater impact if it is personalised to the individual receiving it
The full white paper on budgeting for incentives is available for free to download here.