The Carrot Principle Adrian Gostick, Chester Elton 2007 Billing itself as “How the Best Managers Use Recognition to Engage Their People, Retain Talent, and Accelerate Performance”, The Carrot Principle does an effective job in making the case for recognition, defining the keys to program development, and ultimately providing some functional guidelines for construction of same.  Like many of the books of this genre, it’s written as a “light read” – requiring little concentration or new ground, yet valuable nonetheless for its reminders of the basics.

Opening by making the case for recognition and rewards, Gostick and Elton barrage the reader with research nuggets that immediately catch your attention.  A sampling includes:

• 79% of employees who quit a job cite lack of appreciation as key reason for leaving
• There is roughly a 250% factor of salary to replace employees that leave
• 75% of the US workforce reports being less than fully engaged
• Companies in the highest quartile of recognition of excellence report an operating margin of 6.6%, while those in the lowest quartile report 1%.

All are compelling, and the last really helps to crystallize the impact of employee engagement.  Those that feel valued and understand the goals of organization are more likely to support the top line growth AND help control expense to ultimately drive margin.

The book does deliver on providing some practical frameworks for envisioning and developing reward and recognition programs.  For example:

Key employee questions that need to be addressed in program development:

1. What’s important around here? – organizational goals and alignment

2. How can I make a difference? – clear action items

3. What’s in it for me? – motivation

Three rules for choosing rewards:

1. Values of corporation should be reinforced – a celebration of reward with everyone may effectively reinforce corporate culture.

2. Impact commensurate with the reward – a toaster for saving the company $1M doesn’t work!

3. Personal and Relevant – providing a spa treatment for an off road racer may not connect.

Four tiers of value assignment for rewards:

The Carrot Principle is an enjoyable, worthwhile read that helps to illuminate the value of reward and recognition – be that for employees or customers.  The Quint Loyalty Platform and Sales Executive team works every day with clients that seek to build enduring programs that deliver strong ROI.  In addition to recognition elements that include e-mail, surveys, quizzes, and dedicated private label portals, the Quint solution provides a powerful reward vehicle through online shopping with over 300 major retailers.

To learn more about how Quint can support your business in reward, recognition – and importantly, results -  call today.

Building the Ultimate Sales Incentive Program

As we near the 4th Quarter in a challenging economy, most companies we speak with are looking for effective ways to leverage all their resources and relationships to bring in the year.  To that end, I wanted to offer a proven template for success in creating a 4th Quarter incentive in 4 easy steps:

1) Goal Definition – The goals need to be specific, measurable, and personal to the participant.  Pure volume contests will surely alienate over half the sales team who immediately disqualify themselves based on experience, existing pipeline, geography, etc.  You know the list of excuses and the answer is often incremental improvement over prior period, 4Q prior year, etc.  Quint offers consultation to help in defining these goals and sharing best practices of other companies from varied industries, sizes, models, etc.

2) Clear Communication – In addition to effectively communicating with your sales team, consider sending a “Kick Off” note to the home address.  Nothing like having encouragement (and pressure) applied at home.  Additionally, my experience is that nothing grabs a sales professional’s attention quite like RANKINGS.  Seeing their name at the top, “just short”, or at the bottom always creates energy and almost universally results.  Quint can support mailing and marketing to the participants as well as creation of private labeled web “micro sites” where participants can check standings on regular basis.  When resources are tight, having a partner like Quint to perform and create these kinds of solutions can be the difference in program success within the quarter.

3) Exciting Reward – The reward for a contest like this is best served by something that “captures the imagination”, provides fairly immediate gratification, and fits the corporate budget.  An incredible event to offer for a sales incentive is the 2008 Pro Bowl in Hawaii.  Some points to consider:

i. Location – Hawaii is universally regarded as an incredible destination.  Golf, beaches, deep sea fishing – it’s all in Hawaii. The pride and lasting goodwill your company will receive as winners glow and reminisce is priceless.

ii. Event – Having the National Football League’s best gathered for Pro Bowl game is but one of many incredible elements to a Pro Bowl Package Offering.  By using the NFL On Location Program, offered through QuintEvents, your team will have exclusive access to premium game tickets, Saturday Night VIP Party, Tailgating Party, and Official Pro Bowl 2008 Gift Bag are all included in the offering.  Additionally, QuintEvents can work with our partners at NFL On Location to arrange for private receptions or “Chalk Talks” with and NFL Celebrity!

iii. Accommodations – A four night stay in wonderful hotel with the ability to upgrade.

iv. Budget – Incredible value for all of the above.  Group discounts apply!

There’s still time to create and launch a powerful and results focused sales incentive in 4Q 2007 – bring home the budget in 2007 and setting a tone for 2008.  To get started call your Quint Sales Executive today.

To learn more about the 2008 Pro Bowl through NFL On Location, click here.

Quint Fun Facts : Fantasy Football

Emerging from ranks of unshowered men in a basement, Dungeons and Dragons tournaments, and pocket protectors, Fantasy Football is business- and we mean big.  Top three signs that it’s “arrived”:

1. US Companies could lose as much as $435 million per week in lost productivity during this NFL Season according to a report from Challenger, Grey, and Christmas, Inc. a Chicago based research firm that tracks corporate office trends.

2. According to the Fantasy Sports Trade Association – whose mere existence should tell you something – there are between 15 to 18 million fantasy footballers in the US today.

3. There’s a rap song dedicated to it, seriously... Catch it on YouTube CLICK HERE.