Let’s consider an example of a company incentive plan for a sales team in a software company:

Performance-Based Bonus: The sales team members have individual sales targets set for the year. If they achieve or exceed their targets, they are eligible for a performance-based bonus. The bonus amount could be a percentage of the total sales revenue generated by each individual.

Team Achievement Bonus: In addition to individual targets, the sales team also has a collective goal for overall sales performance. If the team achieves a predetermined level of sales revenue, all team members receive a bonus as a reward for their collaborative efforts.

Quarterly Sales Contests: The company organizes quarterly sales contests to provide extra motivation and excitement. During these contests, additional rewards are offered to top-performing salespeople who achieve specific milestones or surpass their targets. These rewards can include cash prizes, gift cards, or unique experiences.

Sales Performance Recognition: The company implements a recognition program to acknowledge and appreciate outstanding sales performance. Each month, the top salesperson or the most improved salesperson is recognized and rewarded publicly. This recognition can be in the form of certificates, plaques, or small trophies, along with a congratulatory announcement in team meetings or company-wide communications.