Many companies have been using incentive programs as a means to double their revenue. Incentive programs are known to offer additional benefits based on individual, group, or organizational performance. In simple terms, an incentive scheme is a program to motivate an individual’s or a group’s performance through monetary or non-monetary rewards. The simple psychology behind this program is that the more motivated people associated with a company are, the more revenue it will generate. Companies create incentive programs either with the help of in-house teams or using third-party incentive services. This blog highlights some important factors that can help in making an incentive program more effective.
