Diverse hands touching white paper mockup pink wallpaper

How leaders can manage a hybrid working team

How leaders can manage a hybrid working team

How leaders can manage a hybrid working team

How leaders can manage a hybrid working team

If we know one thing for certain in these pandemic times, it is the fact that the workplace is different in 2021 and industry leaders now need to prepare for the changes that have come and are yet to come.

A quick recap of the known changes And training and retraining of employees is now part of any strategy for 2021, especially as the workplace is constantly evolving and the demographic of the workforce is also changing. Whether you start your start-up or have an existing company, you must take workplace trends into account when defining your office culture. Trends in the workplace are largely oriented towards Hybrid Work and hinting towards the need for more flexible working hours. New approaches to retention focus on how to build and maintain a strong and diverse workforce and a healthy work-life balance. Another fundamental change that is looming in 2021 is how business leaders and human resources teams now approach hiring and retaining employees. 2021 will be a landmark year for businesses and employees as they strive to preserve the best of both worlds, personal and professional. 

According to a news report by the Institute for Labour Market and Occupational Research, companies that fail to take account of workers changing expectations of flexible working hours could end up losing good talent. With more remote work, companies will also need to start focusing on ways to adapt to this new norm.

We believe that by 2021, many companies will make their strategies about introducing decentralized employment, decentralized work and a decentralized workforce. As employers and HR managers adapt to this new strategy in 2021, they will also in parallel need to focus on improving employee well-being. 

All this with one goal in mind – productivity

While some teams under the guidance of a great leader seem to get things done effortlessly, others struggle to even meet deadlines. Physical and mental well-being have always been the major reason affecting teams as well as individual productivity. A study revealed that even before the pandemic, around 61% of the workforce admitted that they’re burned out at their current job and nearly 31% experienced a high level of stress at work. 

Business leaders must join hands with team leaders and HR to work on creating a work-life balance to ensure smooth functioning and higher productivity. 

The goal of any HR leader and manager is to ensure that their team is productive even now. To ensure this, policymakers and leaders must provide contexts, create enabling spaces, and identify specific times that emphasize productivity. When employees experience positive vitality and well-being, they will be more productive. But when people are exhausted or stressed, or when their work habits become unhealthy, their productivity is exhausted. An enabling work environment allows employees to focus, and that too helps them to be highly productive. When attention is scattered, the focus suffers from a lack of coordination and communication between people in the team or even between different groups which results in low productivity. 

Looking forward:

The Glassdoor’s Workplace Trends for 2021 report identified several positive changes in 2020 that have worked and are forecasts that will continue to evolve. Here are five trends that companies should be aware of as they look ahead to 2021 while adjusting to the hybrid work environment. These are just some of the changes in the workplace that are likely to set the tone and trends for 2021 and beyond, but they are not the only ones.

  • Don’t move too fast 

Individual preferences will take time to become clear and they might need time to adjust to the new change and so will the organization. With tomorrow being uncertain and no one knows what change in government norms and what side of the world will impact the business, the approach must be to take slow steps. In a hybrid work environment, rather than thinking about the long-term, leaders can go slow by setting milestones at shorter intervals, say  3 months instead of yearly milestones. These goals will help individuals to marry with their personal goals. 

  • Install a robust digital infrastructure

Ensuring a basic level of well-functioning, and reasonably-priced digital infrastructure is a must. In a hybrid workplace where half the workforce is working remotely and the other half is performing their day-to-day function from the office, it is necessary that everyone is virtually connected and have access to every work-related detail, anytime and anywhere. Leaders must allow experimentation with commercial IP interconnection agreements to benefit innovation and growth in the overall digital ecosystem. But having a robust digital infrastructure alone is not enough, it is necessary to ensure that every individual is trained for using the infrastructure.

  • Personalized motivation

There are multiple ways to motivate a team and one of the most popular ways to motivate team members before the lockdown was team lunch that not only motivated teams to achieve more but was also a great team-building initiative. In a hybrid workplace, arranging a team lunch is nearly impossible. Leaders will have to focus on personalizing motivation as far as possible. This is the way to future motivation. One of the popular ways that are gaining momentum with team leaders is leveraging technology and the use of gamification to foster motivation. 

  • Drum up recognition

Turn up the volume of recognition, leaders. When work is not recognized employees are likely to feel disengaged. During remote working or hybrid working where teams don’t meet every day, it is difficult to ensure the recognition is visible to all. This creates a physical barrier that dilutes the power of recognition. To ensure recognition and appreciation is given at the right time and is visible to all, turn up the volume by making it accessible to all by publishing it on social platforms, intranet platforms, internal newsletters and other collaborative platforms. 

  • Training and learning and development 

With the constant change in the situation, every step demands the employee to stay up for any new challenges which requires them to be up-to-date with the latest technology and knowledge. Other than that they may also require new skills to function in this new work environment. And another aspect is that conducting physical group training might not be possible now, leaders must focus on e-learning, self-learning and on-the-go learning.  

Lastly, there is no doubt that skill-based training and learning will play a key role even during hybrid working but a lot of companies have introduced self-care training during remote working, like regular yoga sessions, and have even shared easily accessible podcasts on various topics to promote on-the-go learning. These initiatives should continue even after the COVID-19 issues as this will help companies maintain a happier and productive workforce.  

In the year 2020 we have been talking about change, change, change, now change has become a constant factor even for everyday decisions. What everyone has learned is that the outcome may not have to change or be different, but how we bring about the same outcome with a different approach will determine one’s success. Therefore, success will largely depend on how quickly we adopt the changes and what innovations we bring in our strategies, processes and practices. 

Leaving you with a simple symbolic thought, take an example of a car, the current situation is very much like a broken down car. If you have a car that has punctured tyres, there is no need to change the entire car, all you need is to fix the puncture and the car will be mobile again. Net-net, repair or modify and keep going. 

To stay up to date on the latest developments affecting your business, subscribe to our newsletter and check our blog regularly. To re-define your workplace culture in 2021 and beyond, contact our A-team to understand more about small shifts that can bring a huge difference to your work culture. Contact us now!

If we know one thing for certain in these pandemic times, it is the fact that the workplace is different in 2021 and industry leaders now need to prepare for the changes that have come and are yet to come.

A quick recap of the known changes, training and retraining of employees is now part of any strategy for 2021, especially as the workplace is constantly evolving and the demographic of the workforce is also changing. Whether you start your start-up or have an existing company, you must take workplace trends into account when defining your office culture. Trends in the workplace are largely oriented towards the changing world of work and hinting towards the need for more flexible working hours. New approaches to retention focus on how to build and maintain a strong and diverse workforce and a healthy work-life balance. Another fundamental change that is looming in 2021 is how business leaders and human resources teams now approach hiring and retaining employees. 2021 will be a landmark year for businesses and employees as they strive to preserve the best of both worlds, personal and professional. 

According to a news report by the Institute for Labour Market and Occupational Research, companies that fail to take account of workers changing expectations of flexible working hours could end up losing good talent. With more remote work, there will be a shift where companies will try to do more with less.

We believe that by 2021, many companies will make their strategies about introducing decentralized employment, decentralized work and a decentralized workforce. As employers and HR managers adapt to this new strategy in 2021, they will also in parallel need to focus on improving employee well-being. 

All this with one goal in mind – productivity

While some teams under the guidance of a great leader seem to get things done effortlessly. Others struggle to even meet deadlines. Physical and mental well-being has always been the major reason affecting teams as well as individual productivity. A study revealed that even before the pandemic, around 61% of the workforce admitted that they’re burned out at their current job and nearly 31% experienced a high level of stress at work. 

Business leaders must join hands with team leaders and HR to work on creating a work-life balance to ensure smooth functioning and higher productivity. 

The goal of any HR leader and manager is to ensure that their team is productive even now. To ensure this, policymakers and leaders must provide contexts, create enabling spaces, and identify specific times that emphasize productivity. When employees experience positive vitality and well-being they will be more productive. But when people are exhausted or stressed, or when their work habits become unhealthy, their productivity is exhausted. An enabling work environment allows employees to focus, and that too helps them to be highly productive. When attention is scattered, the focus suffers from a lack of coordination and communication between people in the team or even between different groups which results in low productivity. 

Looking forward:

The Glassdoor’s Workplace Trends for 2021 report identified several positive changes in 2020 that have worked and are forecasts that will continue to evolve. Here are five trends that companies should be aware of as they look ahead to 2021 while adjusting to the hybrid work environment. These are just some of the changes in the workplace that are likely to set the tone and trends for 2021 and beyond, but they are not the only ones.

  • Don’t move too fast 

Individual preferences will take time to become clear and they might need time to adjust to the new change and so will the organization. With tomorrow being uncertain and no one knows what change in government norms and what side of the world will impact the business, the approach must be to take slow steps. In a hybrid work environment, rather than thinking about the long-term, leaders can go slow by setting milestones at shorter intervals, say  3 months instead of yearly milestones. These goals will help individuals to marry with their personal goals. 

  • Install a robust digital infrastructure

Ensuring a basic level of well-functioning, and reasonably-priced digital infrastructure is a must. In a hybrid workplace where half the workforce is working remotely and the other half is performing their day-to-day function from the office, it is necessary that everyone is virtually connected and have access to every work-related detail, anytime and anywhere. Leaders must allow experimentation with commercial IP interconnection agreements to benefit innovation and growth in the overall digital ecosystem. But having a robust digital infrastructure alone is not enough, it is necessary to ensure that every individual is trained for using the infrastructure.

  • Personalized motivation

There are multiple ways to motivate a team and one of the most popular ways to motivate team members before the lockdown was team lunch that not only motivated teams to achieve more but was also a great team-building initiative. In a hybrid workplace, arranging a team lunch is nearly impossible. Leaders will have to focus on personalizing motivation as far as possible. This is the way to future motivation. One of the popular ways that are gaining momentum with team leaders is leveraging technology and the use of gamification to foster motivation. 

  • Drum up recognition

Turn up the volume of recognition, leaders. When work is not recognized employees are likely to feel disengaged. During remote working or hybrid working where teams don’t meet every day, it is difficult to ensure the recognition is visible to all. This creates a physical barrier that dilutes the power of recognition. To ensure recognition and appreciation is given at the right time and is visible to all, turn up the volume by making it accessible to all by publishing it on social platforms, intranet platforms, internal newsletters and other collaborative platforms. 

  • Training and learning and development 

With the constant change in the situation, every step demands the employee to stay up for any new challenges which requires them to be up-to-date with the latest technology and knowledge. Other than that they may also require new skills to function in this new work environment. And another aspect is that conducting physical group training might not be possible now, leaders must focus on e-learning, self-learning and on-the-go learning.  

Lastly, there is no doubt that skill-based training and learning will play a key role even during hybrid working but a lot of companies have introduced self-care training during remote working, like regular yoga sessions, and have even shared easily accessible podcasts on various topics to promote on-the-go learning. These initiatives should continue even after the COVID-19 issues as this will help companies maintain a happier and productive workforce.  

In the year 2020 we have been talking about change, change, change, now change has become a constant factor even for everyday decisions. What everyone has learned is that the outcome may not have to change or be different, but how we bring about the same outcome with a different approach will determine one’s success. Therefore, success will largely depend on how quickly we adopt the changes and what innovations we bring in our strategies, processes and practices. 

Leaving you with a simple symbolic thought, take an example of a car, the current situation is very much like a broken down car. If you have a car that has punctured tyres, there is no need to change the entire car, all you need is to fix the puncture and the car will be mobile again. Net-net, repair or modify and keep going. 

To stay up to date on the latest developments affecting your business, subscribe to our newsletter and check our blog regularly. To re-define your workplace culture in 2021 and beyond, contact our A-team to understand more about small shifts that can bring a huge difference to your work culture. Contact us now!

Types-of-Channel-Partner-Incentive-Programs-You-Should-Know-About

Types of Channel Partner Incentive Programs You Should Know About

Types of Channel Partner Incentive Programs You Should Know About

Types of Channel Partner Incentive Programs You Should Know About

Types of Channel Partner Incentive Programs You Should Know About

Owing to the growing significance of channel partners in the overall sales scenario, it is imperative to engage the partners through well-designed channel partner incentive programs. It is crucial to reward your channel partners appropriately to drive the best results from them. These partners sell your brand, products, and services even though they do not work directly for your business. You need to incentivize them well so that they are motivated continually to put your brand above that of your competition.  

Today we will talk about the different channel partner incentive programs available for business owners, CEOs, and business managers to pick from.    

Types of Channel Partner Incentive Programs You Should Know About   

1.Sales-based Incentives   

This is the most common type of incentive program for channel partners. Consider this as a traditional program where the sales team of the channel partner is incentivized based on the volume of sales sold, revenues and margins generated, and incremental sales/revenues achieved.  

Common rewards include gift cards, merchandise, travel rewards, single-use debit cards, loyalty-based promotions, etc.   

2.Sales Performance Index Funding Formula or SPIFFs   

 This is a form of sales-based incentive where the individual salespeople of the channel partner are rewarded. In contrast to the former, SPIFFs are usually executed for short-term promotions. For example, to promote sales during the off-season, you can design a SPIFF program for your channel partners.   

The crucial thing to remember in this case is that the incentive should get the participants excited. Thus, customization is the key to this program. Reloadable debit cards, gift cards, tech gadgets, etc., are lucrative rewards for individual sales personnel.   

3.Value-Added Reseller Incentives   

In this incentive program, channel partners sell as VARs or value-added resellers. These partners add certain service factors and features to your brand’s products and sell them on a turnkey basis. These services and features are over-and-above the standard features of your products. For example, Cisco has a VAR program where resellers are offered extensive training, and tools to not just sell Cisco’s products but also grow their business and achieve higher profitability.   

This is one of the best ways for brands to increase their market reach and penetrate further into the market. For IT companies, this incentive program brings in the best results.   

4.Activity-Linked Incentives  

Most channel partners are appointed to sell your products and services. But some partners, however, are willing to go the extra mile. If you have any such partner, you can work with on activity-based incentives. These incentives reward the partner for extra activities. For example, if the partner schedules demos and site visits for your sales team, you can accordingly draw up a plan to reward them. 

5.Marketing Incentives for Channel Partners   

MDF or Market development funds and Co-ops or Co-operative funding are the two popular forms of rewarding partners for the brand-related marketing efforts they undertake on your behalf. 

  • MDF include tools and resources offered by you to your channel partner to support their marketing efforts. Hence, radio ads, road shows, trade shows, etc., where your channel partners participate on your behalf are the best examples. Incentivizing partners through MDFs helps in reaching out to new customers effectively, developing leads, converting leads, and leveraging the partner’s local market reach.   
  • Co-op incentives are allocated to partners who have been loyal to your brand and have stood by you through thick and thin. These incentives are meant for partners who invest in advertising and other expensive marketing efforts for your brand and products. Microsoft’s cooperative marketing program is a great example of where partners are incentivized when they promote Microsoft products.   

6.Rebates to Channel Partners   

Rebates are given to channel partners based on the size of the order or the frequency of orders for products in your product line. Rebates are quite popular and doled out to partners who surpass the given target per product. Most channel partners then pass on a percentage of the rebate to customers for better sales prospects.   

7.Warranty Registrations & Bundling  

Bundling helps brands and manufacturers combine products and services as a bundle so that they can optimize the sale value. When your partners undertake bundling efforts, they are given bundling incentives. Similarly, warranty registrations wherein customers and end-users return the warranty card for warranty coverage. With a higher number of warranty registrations, the partner ensures voluminous end-user data is recorded which helps your brand keep the end customer informed about various marketing and sales efforts undertaken by your brand. These channel partners, thereby, are rewarded over and above the standard incentive program.   

8.Loyalty Incentives for Channel Partners   

80% of your channel sales come from your top channel partners who are probably about 20% of the entire distribution network. Besides the typical incentive program for individual salespeople from their team, it is important to reward the channel partner as an organization too. This needs to be done to retain the partner rather than incentivize sales.    

9.Training & Enablement Incentives   

Training incentives are important so that the channel partners are abreast with the updated information about your brand and products. Incentives include certificates, online quizzes, being a part of your brand roadshows, conferences, tradeshows, etc. Such enablement programs or incentives help the partner be motivated and engaged with your brand as they are prone to sell products that they know well.    

My Incentives for Channel Partner Incentive Programs 

Choosing suitable channel incentive programs for your partners is the key to leveraging their market potential. With the help of the right program, your brand can look at increased sales, revenues, market penetration, and reach.     

But running multiple programs with multiple channel partners, calculating the incentives and then disbursing the sales incentives can be extremely cumbersome. Even as a lot of companies understand the importance of it, many are still struggling to maximize its potential due to manual processes. Using excel to manage your incentive program is not a great idea. It limits your opportunity to strategize and build incentive programs that drive business value, often leaving you snarled up in managing the operational parts including incentive disbursal.    

My Incentives solves this problem for you. A platform that has been built to run multiple incentive campaigns, automatically calculate incentives based on the set-up rules and then give access to end users to a reward store of 500+ brand vouchers. 

If that sounds like what you need right now, we’d love to give you a quick demo 

Types of Channel Partner Incentive Programs You Should Know About

Owing to the growing significance of channel partners in the overall sales scenario, it is imperative to engage the partners through well-designed channel partner incentive programs. It is crucial to reward your channel partners appropriately to drive the best results from them. These partners sell your brand, products, and services even though they do not work directly for your business. You need to incentivize them well so that they are motivated continually to put your brand above that of your competition.  

Today we will talk about the different channel partner incentive programs available for business owners, CEOs, and business managers to pick from.    

Types of Channel Partner Incentive Programs You Should Know About   

1.Sales-based Incentives   

This is the most common type of incentive program for channel partners. Consider this as a traditional program where the sales team of the channel partner is incentivized based on the volume of sales sold, revenues and margins generated, and incremental sales/revenues achieved.  

Common rewards include gift cards, merchandise, travel rewards, single-use debit cards, loyalty-based promotions, etc.   

2.Sales Performance Index Funding Formula or SPIFFs   

 This is a form of sales-based incentive where the individual salespeople of the channel partner are rewarded. In contrast to the former, SPIFFs are usually executed for short-term promotions. For example, to promote sales during the off-season, you can design a SPIFF program for your channel partners.   

The crucial thing to remember in this case is that the incentive should get the participants excited. Thus, customization is the key to this program. Reloadable debit cards, gift cards, tech gadgets, etc., are lucrative rewards for individual sales personnel.   

3.Value-Added Reseller Incentives   

In this incentive program, channel partners sell as VARs or value-added resellers. These partners add certain service factors and features to your brand’s products and sell them on a turnkey basis. These services and features are over-and-above the standard features of your products. For example, Cisco has a VAR program where resellers are offered extensive training, and tools to not just sell Cisco’s products but also grow their business and achieve higher profitability.   

This is one of the best ways for brands to increase their market reach and penetrate further into the market. For IT companies, this incentive program brings in the best results.   

4.Activity-Linked Incentives  

Most channel partners are appointed to sell your products and services. But some partners, however, are willing to go the extra mile. If you have any such partner, you can work with on activity-based incentives. These incentives reward the partner for extra activities. For example, if the partner schedules demos and site visits for your sales team, you can accordingly draw up a plan to reward them. 

5.Marketing Incentives for Channel Partners   

MDF or Market development funds and Co-ops or Co-operative funding are the two popular forms of rewarding partners for the brand-related marketing efforts they undertake on your behalf. 

  • MDF include tools and resources offered by you to your channel partner to support their marketing efforts. Hence, radio ads, road shows, trade shows, etc., where your channel partners participate on your behalf are the best examples. Incentivizing partners through MDFs helps in reaching out to new customers effectively, developing leads, converting leads, and leveraging the partner’s local market reach.   
  • Co-op incentives are allocated to partners who have been loyal to your brand and have stood by you through thick and thin. These incentives are meant for partners who invest in advertising and other expensive marketing efforts for your brand and products. Microsoft’s cooperative marketing program is a great example of where partners are incentivized when they promote Microsoft products.   

6.Rebates to Channel Partners   

Rebates are given to channel partners based on the size of the order or the frequency of orders for products in your product line. Rebates are quite popular and doled out to partners who surpass the given target per product. Most channel partners then pass on a percentage of the rebate to customers for better sales prospects.   

7.Warranty Registrations & Bundling  

Bundling helps brands and manufacturers combine products and services as a bundle so that they can optimize the sale value. When your partners undertake bundling efforts, they are given bundling incentives. Similarly, warranty registrations wherein customers and end-users return the warranty card for warranty coverage. With a higher number of warranty registrations, the partner ensures voluminous end-user data is recorded which helps your brand keep the end customer informed about various marketing and sales efforts undertaken by your brand. These channel partners, thereby, are rewarded over and above the standard incentive program.   

8.Loyalty Incentives for Channel Partners   

80% of your channel sales come from your top channel partners who are probably about 20% of the entire distribution network. Besides the typical incentive program for individual salespeople from their team, it is important to reward the channel partner as an organization too. This needs to be done to retain the partner rather than incentivize sales.    

9.Training & Enablement Incentives   

Training incentives are important so that the channel partners are abreast with the updated information about your brand and products. Incentives include certificates, online quizzes, being a part of your brand roadshows, conferences, tradeshows, etc. Such enablement programs or incentives help the partner be motivated and engaged with your brand as they are prone to sell products that they know well.    

My Incentives for Channel Partner Incentive Programs 

Choosing suitable channel incentive programs for your partners is the key to leveraging their market potential. With the help of the right program, your brand can look at increased sales, revenues, market penetration, and reach.     

But running multiple programs with multiple channel partners, calculating the incentives and then disbursing the sales incentives can be extremely cumbersome. Even as a lot of companies understand the importance of it, many are still struggling to maximize its potential due to manual processes. Using excel to manage your incentive program is not a great idea. It limits your opportunity to strategize and build incentive programs that drive business value, often leaving you snarled up in managing the operational parts including incentive disbursal.    

My Incentives solves this problem for you. A platform that has been built to run multiple incentive campaigns, automatically calculate incentives based on the set-up rules and then give access to end users to a reward store of 500+ brand vouchers. 

If that sounds like what you need right now, we’d love to give you a quick demo 

5-Smart-Ways-to-Build-Employee-Loyalty-Digitally

5 Smart Ways to Build Employee Loyalty Digitally

5 Smart Ways to Build Employee Loyalty Digitally

5 Smart Ways to Build Employee Loyalty Digitally

5 Smart Ways to Build Employee Loyalty Digitally

Building employee loyalty is similar to working on customer loyalty or any channel partner loyalty. Just like brands are giving more than before to keep customers loyal –  providing different reward options as well as by providing quality service and products, the same concept can be applied to employee loyalty. 

Loyalty comes from many things, but in general loyal people are associated with a positive experience with a brand. 

When employees have an overall positive experience with the brand (the organization) they are committed because their primary goal is to contribute to the success of the organization. They feel engaged because they care about the organization and they do their best to achieve the goals of the organization. Employee engagement is not just about performance and bonuses, it is also about being a part of a successful company. Whereas, on the other hand, workers who are not much connected avoid starting afresh or are dissatisfied with their job and stay away for varied reasons. A little imbalance at work makes them feel frustrated and often leaves them dissatisfied with the work.

What is Employee Loyalty

Employees may feel a sense of loyalty to your organization more than you might think. And trust is the most important fundamental factor in building employee loyalty. 

Gallup’s research shows that managers who spend time with their employees to build trust and positive relationships contribute to 48% of profitable companies. No wonder when employees who trust and respect the leadership of an organization feels empowered and motivated, they reduce turnover and costs.

Employee loyalty is an umbrella term for a broad range of emotions that make employees feel connected to their current employer and less likely to see green grass elsewhere. An employee who feels that his organization wants the best for him will continue to do his best and not look for another job. One of the biggest misconceptions about loyalty and employee retention is that he or she is only loyal if he or she has worked for the company for many years and is committed to the employer brand. The fact is, even if an employee works for a short time, works for the growth of the organization or works for something measurable by his or her daily actions, they are loyal employees. 

Let’s build Employee Loyalty digitally

 While everyone likes rewards such as perks, recognition, cash rewards, companies need to remember they don’t buy loyalty. Rewards programs or rewards alone do not have to lead to lasting employee relationships but are a good starting point. Cash rewards and special perks may not generate long-term loyalty, but they do play an important role in attracting employees to achieve more. It has become indispensable for companies to find innovative strategies to make their employee rewards more attractive so that they create greater value for both the company and employee. 

Whether you are a manager or business owner of a virtual team, you are likely to be looking for ways to enhance employee relationships and manage employees remotely. In this article, we delve deep into hybrid workforce management and offer viable insights to help you connect with your remote employees. Let’s discuss some of the best practices for HR managers, supervisors and business owners on how they can digitally build employee loyalty. 

1. Encourage digital learning

Smart employers know that not all employees are going to match every requirement mentioned in the job description or may have to perform the same tasks throughout the year before they move ahead of the curve. They are aware that at every step of a new role or professional life some up-gradation is required and to ensure that employees are up to date with the new technologies and jargon. Encouraging employees to undergo learning and upskill processes promotes a healthy work environment and ensure employees that the company understands and encourages learning at the workplace rather than hiring a replacement. 

During WFH, physical L&D may not be possible. To tackle this, leaders can use knowledge zones or digital platforms or enroll employees for digital courses which are now easily available online. 

2. Themed reward – Make use of holidays and create special events to reward

Rewarding employees only for some task or on achieving set milestones might become monotonous and may not be exciting for every employee. Also, employees who are unable to meet the target are not part of the reward redemption group and might lose interest. To cope with this, HR leaders must ensure to plan out-of-the-box rewards or themed rewards. Make use of special holidays and plan out campaigns around them or create special events to reward employees in some way or the other to drive engagement and motivation. 

Reward & Recognition platforms like Buzzz allow HR to run multiple campaigns at a time and add people from different departments or everyone in the campaign and link rewards for instant redemption. 

3. Celebrate all  successes,  small or big– Create a culture of appreciation

A lack of appreciation and gratitude can lead us to the wrong track of not being able to recognize the importance of our small successes. Celebrating the little things can lead us to acknowledge that we are on the road to success. 

While all daily progress – even small ones – can make a difference in how people feel and perform, whether people are trying to solve a great scientific puzzle or create a high-quality product or service. The more they experience a sense of progress, the more likely they are to be productive in the long run. 

It is a good idea to celebrate clear demonstrations of your corporate values. Praise for getting it right the first time, and ease in it until it becomes second nature, is a great way to give confidence. 

4. Certificates and badges 

It is important to get more than just your victories because progress towards your goals fuels a sense of happiness that makes life more pleasant. The monetary reward may not be feasible every time and everything can’t be weighted with money. To reward small or important victories, reward employees with certificates and badges that will inspire them to achieve more and also, flaunt their success to others and keep it with time and cherish for lifelong. 

5. Reward different milestones

In the past, employees have been awarded certificates, plaques and pins for their long-term service. Today, the work of awarding services has been modernized to include other forms of reward and personalized experiences. A reward and recognition program is an essential part of any successful organization. It is designed to engage your team and motivate them to work towards common goals. When certain milestones are reached, your program participants will be rewarded for their hard work and commitment. How you create a reward and recognition program depends on the needs of your organization, your audience, and your organization’s goals. 

Reward & Recognition platforms like Buzzz helps companies drive the reward culture digitally by allowing employees cash rewards and instant reward options of their choice. It offers features like e-certificates, badges, reward catalogue, campaign management, milestones, birthdays and works anniversary celebrations, social recognition, leaderboard and more.

Loyal employees are self-driven and don’t mind going the extra mile. Just like a loyal customer who sticks to the brand despite the introduction of new brands in the market, an employee also sticks to the company in the long run. 

To explore more about the reward options in this pandemic and beyond, get a free demo.

Building employee loyalty is similar to working on customer loyalty or any channel partner loyalty. Just like brands are giving more than before to keep customers loyal –  providing different reward options as well as by providing quality service and products, the same concept can be applied to employee loyalty.

Loyalty comes from many things, but in general loyal people are associated with a positive experience with a brand.

When employees have an overall positive experience with the brand (the organization) they are committed because their primary goal is to contribute to the success of the organization. They feel engaged because they care about the organization and they do their best to achieve the goals of the organization. Employee engagement is not just about performance and bonuses, it is also about being a part of a successful company. Whereas, on the other hand, workers who are not much connected avoid starting afresh or are dissatisfied with their job and stay away for varied reasons. A little imbalance at work makes them feel frustrated and often leaves them dissatisfied with the work.

What is Employee Loyalty

Employees may feel a sense of loyalty to your organization more than you might think. And trust is the most important fundamental factor in building employee loyalty.

Gallup’s research shows that managers who spend time with their employees to build trust and positive relationships contribute to 48% of profitable companies. No wonder when employees who trust and respect the leadership of an organization feels empowered and motivated, they reduce turnover and costs.

Employee loyalty is an umbrella term for a broad range of emotions that make employees feel connected to their current employer and less likely to see green grass elsewhere. An employee who feels that his organization wants the best for him will continue to do his best and not look for another job. One of the biggest misconceptions about loyalty and employee retention is that he or she is only loyal if he or she has worked for the company for many years and is committed to the employer brand. The fact is, even if an employee works for a short time, works for the growth of the organization or works for something measurable by his or her daily actions, they are loyal employees.

Let’s build Employee Loyalty digitally

 While everyone likes rewards such as perks, recognition, cash rewards, companies need to remember they don’t buy loyalty. Rewards programs or rewards alone do not have to lead to lasting employee relationships but are a good starting point. Cash rewards and special perks may not generate long-term loyalty, but they do play an important role in attracting employees to achieve more. It has become indispensable for companies to find innovative strategies to make their employee rewards more attractive so that they create greater value for both the company and employee.

Whether you are a manager or business owner of a virtual team, you are likely to be looking for ways to enhance employee relationships and manage employees remotely. In this article, we delve deep into hybrid workforce management and offer viable insights to help you connect with your remote employees. Let’s discuss some of the best practices for HR managers, supervisors and business owners on how they can digitally build employee loyalty.

1. Encourage digital learning

Smart employers know that not all employees are going to match every requirement mentioned in the job description or may have to perform the same tasks throughout the year before they move ahead of the curve. They are aware that at every step of a new role or professional life some up-gradation is required and to ensure that employees are up to date with the new technologies and jargon. Encouraging employees to undergo learning and upskill processes promotes a healthy work environment and ensure employees that the company understands and encourages learning at the workplace rather than hiring a replacement.

During WFH, physical L&D may not be possible. To tackle this, leaders can use knowledge zones or digital platforms or enroll employees for digital courses which are now easily available online.

2. Themed reward – Make use of holidays and create special events to reward

Rewarding employees only for some task or on achieving set milestones might become monotonous and may not be exciting for every employee. Also, employees who are unable to meet the target are not part of the reward redemption group and might lose interest. To cope with this, HR leaders must ensure to plan out-of-the-box rewards or themed rewards. Make use of special holidays and plan out campaigns around them or create special events to reward employees in some way or the other to drive engagement and motivation.

Reward & Recognition platforms like Buzzz allow HR to run multiple campaigns at a time and add people from different departments or everyone in the campaign and link rewards for instant redemption.

3. Celebrate all  successes,  small or big– Create a culture of appreciation

A lack of appreciation and gratitude can lead us to the wrong track of not being able to recognize the importance of our small successes. Celebrating the little things can lead us to acknowledge that we are on the road to success.

While all daily progress – even small ones – can make a difference in how people feel and perform, whether people are trying to solve a great scientific puzzle or create a high-quality product or service. The more they experience a sense of progress, the more likely they are to be productive in the long run.

It is a good idea to celebrate clear demonstrations of your corporate values. Praise for getting it right the first time, and ease in it until it becomes second nature, is a great way to give confidence.

4. Certificates and badges 

It is important to get more than just your victories because progress towards your goals fuels a sense of happiness that makes life more pleasant. The monetary reward may not be feasible every time and everything can’t be weighted with money. To reward small or important victories, reward employees with certificates and badges that will inspire them to achieve more and also, flaunt their success to others and keep it with time and cherish for lifelong.

5. Reward different milestones

In the past, employees have been awarded certificates, plaques and pins for their long-term service. Today, the work of awarding services has been modernized to include other forms of reward and personalized experiences. A reward and recognition program is an essential part of any successful organization. It is designed to engage your team and motivate them to work towards common goals. When certain milestones are reached, your program participants will be rewarded for their hard work and commitment. How you create a reward and recognition program depends on the needs of your organization, your audience, and your organization’s goals.

Reward & Recognition platforms like Buzzz helps companies drive the reward culture digitally by allowing employees cash rewards and instant reward options of their choice. It offers features like e-certificates, badges, reward catalogue, campaign management, milestones, birthdays and works anniversary celebrations, social recognition, leaderboard and more.

Loyal employees are self-driven and don’t mind going the extra mile. Just like a loyal customer who sticks to the brand despite the introduction of new brands in the market, an employee also sticks to the company in the long run.

To explore more about the reward options in this pandemic and beyond, get a free demo.

Loyalty-programs-for-channel-partners-why-are-they-important

Loyalty Programs for Channel Partners: Why Are They Important? 

Loyalty Programs for Channel Partners: Why Are They Important?

Loyalty Programs for Channel Partners: Why Are They Important?

For a lot of businesses, a considerable percentage of their revenue comes through indirect sales channels. And for a long time now, channel partner rewards and loyalty programs have been adopted by organizations to drive consistent performance among their distributors, retailers, franchise stores, influencers and more. While some of these programs have been successful, a lot of others have failed. Yet, among the sales fraternity, there is a general knowledge that if implemented and managed well, channel partner loyalty programs have huge potential to drive the bottom line. 

Let’s dig a little deeper. 

Channel Partner Rewards, Incentives, and Loyalty Programs – What Do Statistics Say 

The Incentive Research Foundation (IRF), a US-based not-for-profit foundation recently published in a marketplace survey that almost 43% of US businesses run non-cash channel reward programs. Various case studies in this context by the Foundation hint at an approximate 32% increase in revenues of businesses that invest in channel partner reward programs and a 30% increase in market share has also been recorded. 

It further states that such programs help increase product/brand awareness in channel partners by 71%, sales and market share by 67%, and push customer loyalty and satisfaction by 55%. 

These pieces of data are very powerful and revealing. In the context of a channel partner loyalty program, organizations can uncover immense hidden opportunities if planned and executed well. 

But what are these opportunities, to be more clear? 

 

Here are the three reasons to invest in channel partner loyalty programs 

 

  • A well-defined program drives channel partner brand loyalty

It’s a competitive world out there. Fiercely competitive. Incentivizing your channel partners appropriately and going beyond their expectations can give your business a leading edge in the marketplace. Cash and non-cash rewards, lifestyle and financial benefits can boost their enthusiasm and motivation to work around your brand and products. 

Businesses strive so hard for customer attention. They incentivize them in multiple ways to keep them; turn them into loyal customers. The same kind of drive needs to be focused on channel partners too. After all, your partners are helping you sell your products and services.  

With evolving technologies, there has been a paradigm shift in channel partner rewards too. Most partners prefer non-cash rewards, for example, free foreign trips, shopping vouchers, etc.  

It also makes perfect sense to give a percentage or share of your profit to the people who are making it happen on ground zero. Consider a channel partner loyalty program that is inclusive of profit sharing. It will make your channel partners confident of the relationship and gives them a much-needed sense of security, encouraging them to put in committed efforts for your products/brand. 

Take the case of Cisco’s Channel Partner Program which offers value-added rewards like providing training and tools to resellers. This has helped the partners to increase their profitability alongside Cisco. These partners are also allowed to reinvest their rewards when they sell specifically targeted technologies. 

 

  •  Lets your business grow organically

One of the key takeaways of a channel partner loyalty program is how a unique program can guarantee the organic growth of your business. This is because of the synergized relationship between your business and that of your channel partners. The marriage should work well for both partners with a ‘give-and-take’ philosophy deeply etched into the relationship. For obvious reasons, the program needs to be well-designed meeting the needs of the channel partners.  

Invariably, once you have aligned channel partners, sales and revenue boost will happen on their own.  

A notable example, in this case, is that of Dell’s Partner Program Reward. The Program is designed to build long-term sustainable relationships with partners staying true to the corporate belief that “you must spend money to create money.” This viewpoint has helped the company retain partners, increase partner retention and add new partners. The loyalty program of Dell helps partners earn marks or points which they can then exchange for e-vouchers.  

Implementing such a reward system that is points-based is simple with high-tech platforms like My Incentives. It offers seamless integrations that track performance and ensure optimized rewards and incentive payouts. 

 

  • Helps leverage the channel partner’s market and clients

Every channel partner of yours has a well-defined territory, list of top clients, top-performing geographic regions, etc. When you reward your channel partners with a loyalty program, your access to such markets and client base is empowered and enhanced. Backed by consistent support and resources and a loyalty program that is synced with the business goals of your channel partners, it gives you direct access to a market that would have taken years to develop on your own. Your sales and revenues automatically get a boost with the channel partner reaching out to new potential customers and leads. In such cases, the lead conversions are not a time-taking process as the channel partner is dedicatedly involved in ensuring conversion. 

 

Parting thought… 

Loyalty programs empower your channel partners. When oriented properly, the gains can be meaningfully streamlined as the partner’s top priority would be to focus on your brand, products, and services. Additionally, the word-of-mouth publicity that your brand gets helps amplify brand credibility, sales, and revenues for your brand. 

 

Driving channel partner loyalty programs can often be tedious and time-consuming. But with the right sales commission and incentive software, you can break through these challenges. My Incentives powered by GRG India is one such platform. If you would like to know how My Incentives can help, get a free demo with our product experts. 

For a lot of businesses, a considerable percentage of their revenue comes through indirect sales channels. And for a long time now, channel partner rewards and loyalty programs have been adopted by organizations to drive consistent performance among their distributors, retailers, franchise stores, influencers and more. While some of these programs have been successful, a lot of others have failed. Yet, among the sales fraternity, there is a general knowledge that if implemented and managed well, channel partner loyalty programs have huge potential to drive the bottom line. 

Let’s dig a little deeper. 

Channel Partner Rewards, Incentives, and Loyalty Programs – What Do Statistics Say 

The Incentive Research Foundation (IRF), a US-based not-for-profit foundation recently published in a marketplace survey that almost 43% of US businesses run non-cash channel reward programs. Various case studies in this context by the Foundation hint at an approximate 32% increase in revenues of businesses that invest in channel partner reward programs and a 30% increase in market share has also been recorded. 

It further states that such programs help increase product/brand awareness in channel partners by 71%, sales and market share by 67%, and push customer loyalty and satisfaction by 55%. 

These pieces of data are very powerful and revealing. In the context of a channel partner loyalty program, organizations can uncover immense hidden opportunities if planned and executed well. 

But what are these opportunities, to be more clear? 

 

Here are the three reasons to invest in channel partner loyalty programs 

 

  • A well-defined program drives channel partner brand loyalty

It’s a competitive world out there. Fiercely competitive. Incentivizing your channel partners appropriately and going beyond their expectations can give your business a leading edge in the marketplace. Cash and non-cash rewards, lifestyle and financial benefits can boost their enthusiasm and motivation to work around your brand and products. 

Businesses strive so hard for customer attention. They incentivize them in multiple ways to keep them; turn them into loyal customers. The same kind of drive needs to be focused on channel partners too. After all, your partners are helping you sell your products and services.  

With evolving technologies, there has been a paradigm shift in channel partner rewards too. Most partners prefer non-cash rewards, for example, free foreign trips, shopping vouchers, etc.  

It also makes perfect sense to give a percentage or share of your profit to the people who are making it happen on ground zero. Consider a channel partner loyalty program that is inclusive of profit sharing. It will make your channel partners confident of the relationship and gives them a much-needed sense of security, encouraging them to put in committed efforts for your products/brand. 

Take the case of Cisco’s Channel Partner Program which offers value-added rewards like providing training and tools to resellers. This has helped the partners to increase their profitability alongside Cisco. These partners are also allowed to reinvest their rewards when they sell specifically targeted technologies. 

 

  •  Lets your business grow organically

One of the key takeaways of a channel partner loyalty program is how a unique program can guarantee the organic growth of your business. This is because of the synergized relationship between your business and that of your channel partners. The marriage should work well for both partners with a ‘give-and-take’ philosophy deeply etched into the relationship. For obvious reasons, the program needs to be well-designed meeting the needs of the channel partners.  

Invariably, once you have aligned channel partners, sales and revenue boost will happen on their own.  

A notable example, in this case, is that of Dell’s Partner Program Reward. The Program is designed to build long-term sustainable relationships with partners staying true to the corporate belief that “you must spend money to create money.” This viewpoint has helped the company retain partners, increase partner retention and add new partners. The loyalty program of Dell helps partners earn marks or points which they can then exchange for e-vouchers.  

Implementing such a reward system that is points-based is simple with high-tech platforms like My Incentives. It offers seamless integrations that track performance and ensure optimized rewards and incentive payouts. 

 

  • Helps leverage the channel partner’s market and clients

Every channel partner of yours has a well-defined territory, list of top clients, top-performing geographic regions, etc. When you reward your channel partners with a loyalty program, your access to such markets and client base is empowered and enhanced. Backed by consistent support and resources and a loyalty program that is synced with the business goals of your channel partners, it gives you direct access to a market that would have taken years to develop on your own. Your sales and revenues automatically get a boost with the channel partner reaching out to new potential customers and leads. In such cases, the lead conversions are not a time-taking process as the channel partner is dedicatedly involved in ensuring conversion. 

 

Parting thought… 

Loyalty programs empower your channel partners. When oriented properly, the gains can be meaningfully streamlined as the partner’s top priority would be to focus on your brand, products, and services. Additionally, the word-of-mouth publicity that your brand gets helps amplify brand credibility, sales, and revenues for your brand. 

 

Driving channel partner loyalty programs can often be tedious and time-consuming. But with the right sales commission and incentive software, you can break through these challenges. My Incentives powered by GRG India is one such platform. If you would like to know how My Incentives can help, get a free demo with our product experts.