I have chosen 3 companies to research and discuss how rewards aid in the strategy execution efforts of each. The companies I have chosen are SAS, a software developer, Hilcorp, an oil and gas exploration company, and Salesforce.com, a global cloud-computing company.
SAS
Mental health is the priority for this company, outside of the actual work of course. It is clear that this company realizes that when employees are well balanced with the work-life concept, that they perform better at work. This company reportedly offers an onsite health center not only for the employees, but also their families. They have a frisbee golf course, an indoor swimming pool, and walking trails so that the employees have a free place to go and re-set their minds. I recently read that “happy employees are up to 20% more productive than unhappy employees. When it comes to salespeople, happiness has an even greater impact, raising sales by 37%.” (Preston). SAS realizes that when they invest in their employees, they are investing in the company. This also makes the company competitive in the sense that GOOD employees will fight to work there and stay there. When employees at SAS feel happy and are mentally well-rounded, it pays off for everyone involved. The company states that their employees are their “greatest strength”. (SAS).
Hilcorp
Hilcorp is an oil and gas exploration company who have made national headlines when they awarded their employees with $50,000 vouchers for cars if specific goals were met. Employees also had the option of taking a whopping $35,000 cash if they did not wish to get a new car. They also announced an incentive program that “promised to award every employee $100,000 in 2015 if certain goals are met.” (Thompson). The important thing here is that they are following through. Employees met this amazing goal in April of 2015, and they all had their bonus checks just 2 months later. Talk about awesome! The purpose of an incentive bonus is really to ensure that employees are doing their best throughout the whole evaluation period. They pretty much know that if they slack off for a few months, it may be impossible to meet a certain goal, but if they exceed expectations and are on top of their game all year round, there could be a bigger paycheck waiting for them. Money is motivation for a lot of people. I mean, would you go to work if there wasn’t a paycheck waiting for you at the end of the week? I don’t think so. We have to work, and we work hard so that we can enjoy life outside of work as well. Money helps us do this.
Salesforce.com
This business is a global cloud-computing company based in San Francisco. Their main avenue of rewarding their employees lies in vacation time/benefits. Thompson says that “in 2013, top sellers were awarded two-week trips to Bhutan for their dedication and results.” I believe that they were setting an example. Not everyone received this benefit, but I bet you everyone who didn’t paid attention and was wondering what they could have done differently so that they had. This company is trying to motivate people to work harder and stay focused on sales throughout the year so that they get this extra perk that not everyone receives. The monetary value of this vacation was significant, I’m sure. Keep in mind though that the recognition also plays a part for the employee. It shows them that their hard work is appreciated and not going un-noticed. It gives them further motivation to continue their efforts going forward.
In the end, your sales people are the ones who are driving the company’s success. Keep them happy and motivated if you want your company to succeed.
References
Preston, PhD, PCC, C. (2017, December 13). Promoting Employee Happiness Benefits Everyone. Retrieved from http://www.freemanagementresources.com
SAS. (n.d.). SAS again ranked as a Best Workplace in Technology. Retrieved from https://www.sas.com/en_us/news/press-releases/2017/february/sas-gptw-tech.ht
Thompson, A. Crafting & Executing Strategy: The Quest for Competitive Advantage: Concepts
and Cases. [Purdue University Global Bookshelf]. Retrieved from
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