That’s why an exciting incentive travel experience is most used and should be the focus of this type of sales incentive program.
Furthermore, keep in mind that a President’s Club isn’t really an incentive program, it’s a recognition program.
It’s not designed to help your salespeople do something they’d otherwise become unmotivated to do (i.e., sell more effectively). Rather, this type of program recognizes and rewards them for who they already are, and what they’re already able to do.
In this way it’s also a great retention tool, as it will keep these top people engaged and present in your company throughout the sales cycle to achieve the reward (namely, the trip) at the end.
And hopefully, if your President’s Club program is successful, you can run it again the following year to motivate the top people who tend to bring in the most business for you.
The Three "Rs" of Motivation
Without question, the decision to use a President's Club program to motivate top performers offers significant benefits.
While not a traditional incentive program, President's Clubs are a strategic recognition program. At a time when companies may fight to keep top talent, recognizing your top salespeople is an important endeavor. A well-structured program will hit the three "Rs" of motivation: Reward, Recognize, and Retain.
Reward
According to a 4-part study from SITE Global, incentive travel continues to be a highly motivating incentive.
For example, 95.5% of top performers were somewhat motivated, motivated, or extremely motivated to earn their reward. No surprise there. But what's shocking is that 90.7% of those that didn't qualify for the reward were similarly motivated.
This shows that incentive travel programs, like President's Clubs can motivate employees to reach higher for rewards that have meaning to them.
Recognize
The Incentive Marketing Association found that companies who recognize their employees regularly outperform companies who don't, by 30 to 40%. According to a Deloitte study, 1 in 4 employees want recognition for the work they put in, not just the big wins. Not only that, but 85% of professionals want a "thank you" in day-to-day interactions.
In a culture where recognition for daily tasks is highly valued, well-structured incentives like a President's Club can go a long way to making your top performers feel valued.
Retain
A recent Gallup poll indicates that employee turnover is at the highest point since 2015. In fact, 51% of U.S. employees are watching or actively seeking a new job. What's worse is that replacing leaders or top performers comes at a cost of 200% of their salary.
Perhaps more interesting is the fact that employee attrition is in most cases avoidable. Of the employees who exited their jobs, 30% say they would stay for higher pay or increased benefits. Incentives could have a role to play here, especially when it comes to incentive travel. At a time when professionals are looking for more, President's Clubs can be an effective way to retain top talent.
Hit the Three R's of Motivation with a President's Club Program
These three Rs—reward, recognize, and retain—are what a President’s Club program is all about.
If you’re able to structure it effectively and target the right people, this type of program can motivate your top performers to maintain or elevate their great performances consistently throughout the sales cycle.
To learn more about how to motivate your top performers, check out our Incentive Travel Playbook to get the most out of your President's Club program.