The factors affecting and determining the working plan of every particular industry are very different. However, all different industries have one common factor that should be taken into consideration in order to succeed – Generational Kinetics. The problems stemming from not understanding the generational dynamics and planning out your strategies keeping them in mind are innumerable. Failing to take this aspect seriously enough, could lead to breaking any business structure wide open, in the coming 5-10 years. Here are answers to some of the questions you might have in mind regarding Generational Kinetics.
Why does figuring out Generational Kinetics matter in any business?
Here’s an attempt at divulging all the aspects of an employee incentive program to consider. Before venturing into building an appropriate one for your establishment. From the “what’s, why’s to how’s of creating an effective employee incentive program.
What exactly is an employee incentive program? “An employee incentive program is a formal scheme used to promote or encourage specific actions or behaviour by a specific group of people during a defined period of time. They are particularly used in Business management to motivate employees and in sales to attract and retain customers. Scientific literature also refers to this concept as pay for performance. ” Not only is it a motivational scheme, it promotes teamwork, boosts morale and hikes service levels.
With the ever rising new opportunities for brands to increase customer retention and brand preference, loyalty programs need to be radically dynamic. Loyalty programs are also an extension to every customer relationship strategy. Customers have the power to leverage business profits by almost 100% in exchange for just mere 5% of retaining existing customers.