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insentive paper Perfume Express is a small company with only a handful of employees. Therefore it is necessary to keep all incentive plans simple and attractive.
Submitted by wizesikh on July 18, 2007
Category: Miscellaneous
Words: 763 | Pages: 4
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Perfume Express is a small company with only a handful of employees. Therefore it is necessary to keep all incentive plans simple and attractive. Incentive plans play a strong role in any kind of business, according to Businesstown.com "Some kind of incentive pay is an important part of any compensation plan. Incentive pay shows appreciation and creates a sense of participation in the company's well-being that straight salary dollars, no matter how large, don't convey. A well-designed incentive-pay plan can also help pull people together, help point them in the direction you want them to go, and give that extra push that every company needs in today's competitive environment".(Businesstown.com)
Perfume Express Inc. has realized that employees need to know what they can do to earn an incentive and what exactly that incentive will be. If the plan involves tracking a lot of detailed performance indicators it will waste management's time and confuse the employees. The company therefore looks at the bigger picture of performance results which include, the ups and downs of sales, and performance.
The company's incentive plan for its sales personals includes a three-tier approach of immediate recognition for a job well done, short-term rewards for performance over a month or quarter, and long-term rewards for being a loyal employee over the years. By layering incentives, the company is able reach employees from different perspectives. Those who like immediate satisfaction will get it and those that look long-term will also be satisfied as well. The overall goal and objective of every sales personal is to increase sales, gain customer royalty and create brand loyalty.
To ensure retails sales are high and employees are motivated to sell fragrances, Perfume Express offers 5% commission on the total sales a employee makes for the day plus base salary. The company also provides breakfast and lunch for its employees. Individual effort by each...
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