How do you balance monetary and non-monetary rewards for salespeople?

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How do you balance monetary and non-monetary rewards for salespeople? This is a common question for sales managers who want to motivate their teams, retain their top performers, and align their incentives with the company's goals. In this article, you will learn about the benefits and challenges of different types of rewards, and how to design a reward system that works for your sales strategy.

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Ricardo Chang

| Strategic Business Manager | BDM | Sales & Commercial | B2B & B2C | Disruptive Innovator | Mentor

1 Why rewards matter

Rewards are essential for salespeople, who often face high pressure, uncertainty, and competition in their jobs. Rewards can help salespeople feel valued, recognized, and satisfied with their work. They can also influence their behavior, performance, and loyalty. However, not all rewards are created equal. Some rewards can have positive effects, while others can have negative or unintended consequences.

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2 Monetary rewards

Monetary rewards are the most common and tangible form of rewards for salespeople, such as salary, commission, bonus, and other financial incentives. They can be a great way to attract, motivate, and retain salespeople if they are linked to clear and achievable goals. However, monetary rewards can also have some drawbacks. For instance, they can create a short-term focus and neglect long-term value, encourage unethical or aggressive sales practices, reduce intrinsic motivation and satisfaction, cause conflict or resentment among salespeople, and increase the cost and complexity of administration.

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Nina Scott

Prev. Google | Client Partner | Digital Ad & Tech Sales | Growth Strategist | Revenue Driver | C-Suite Consultant | Data-Driven Storyteller
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I am inclined to believe that monetary rewards are one of the most effective rewards to incentivize sellers. Offering competitive and fun opportunities for salespeople to meet and exceed their goals, can create wonderful team camaraderie and is mutually beneficial for leadership and the sales team. When it comes to unethical practices in sales, this is an unfortunate apart of business in general and it can happen. It is my belief however, that this is a small percentage of the sales practices that occur and it should not be a deterrent from providing monetary incentives to salespeople as a whole.

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3 Non-monetary rewards

Non-monetary rewards are the less tangible and more psychological form of rewards for salespeople, such as recognition, feedback, praise, autonomy, training, and career development. They can be effective in enhancing salespeople's intrinsic motivation, satisfaction, and loyalty and can complement monetary rewards by addressing different needs and preferences. However, non-monetary rewards can also come with challenges like being subjective and inconsistent, lacking visibility and impact, failing to match expectations and values, creating a sense of entitlement or dependency, or requiring more time and effort from managers.

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John D'Adamo

Media Sales @ Informa Connect | BizBash | Connect
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While monetary bonuses or commissions are absolutely a required part of any sales package to incentivize success, some sales leaders are driven by non-monetary pieces as well. For example, having a say in company decision making. While only something one should offer at higher levels, A players who genuinely care about the company want to have input in the future direction. By allowing your senior sales leaders a seat at the table in any decision making meeting, and sometimes even make a decision based on their input, you’ll help encourage them to likely stay with you a long time.

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Nina Scott

Prev. Google | Client Partner | Digital Ad & Tech Sales | Growth Strategist | Revenue Driver | C-Suite Consultant | Data-Driven Storyteller
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In my experience a rewarding salespeople with recognition goes a long way a in uplifting morale, minimizing burnout, and building trust between leadership and salespeople. Particularly as a Black woman in corporate America, receiving acknowledgment for my contributions can help shine a light on the impact that I am making on my team, thus making it easier for me reach my career goals.

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4 How to balance rewards

Designing a reward system that balances monetary and non-monetary rewards for salespeople is not a simple task. It depends on various factors, such as the company's culture, sales strategy, market conditions, and the sales team's size. To ensure success, some general principles must be followed, such as aligning rewards with goals, communicating them clearly, offering fair rewards that are differentiated and timely, and soliciting feedback from salespeople. Additionally, regular reviews and adjustments of the reward system should be conducted. With careful analysis of the situation, a creative approach to the solution, and constant evaluation of results, you can create a reward system that motivates your sales team and drives your business success.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Ricardo Chang

| Strategic Business Manager | BDM | Sales & Commercial | B2B & B2C | Disruptive Innovator | Mentor
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El equilibrio entre recompensas monetarias y no monetarias es clave para mantener a los vendedores motivados. Las bonificaciones y comisiones son esenciales para premiar los resultados tangibles, pero las recompensas no monetarias como reconocimiento público o desarrollo profesional generan un compromiso más profundo. Al ofrecer una combinación de ambas, logras que el equipo se sienta valorado tanto por su desempe?o como por su crecimiento personal. Las recompensas no solo deben ser un incentivo, sino también un reflejo de la cultura que quieres construir. ?Motivación y satisfacción en equilibrio!

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How do you balance monetary and non-monetary rewards for salespeople?

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1 Why rewards matter

2 Monetary rewards

3 Non-monetary rewards

4 How to balance rewards

5 Here’s what else to consider

Sales Strategy

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