Corporate Incentives for Remote Teams: How to Motivate Your Virtual Workforce

"When people are financially invested, they want a return. When people are emotionally invested, they want to contribute." – Simon Sinek.

The change brought about by the adoption of remote work has substantially altered how organizations lead and inspire their workforce. The absence of employees from the employers means that traditional methods of engagement such as recognition and reward systems are undergoing some changes. Virtual work is now the new normal for many people, especially after the outbreak of the global pandemic, and therefore it becomes necessary to motivate the members of the organisation who work behind the screens to keep productivity, morale and culture of the company in check.

For organizations working in the area of such complex socio-organizational systems, a clear value-based incentive structure is of utmost importance. In this article, we will consider answers to the task posed above and corporate incentives strategies for remote teams as far as distance allows them to be cornered by creativity. 

The Challenges of Motivating Remote Teams

The advantages of remote work are many—flexibility, less travelling time, and work-life balance—but it also has its fair share of problems. Employees who are working remotely might be feeling alone, not connecting with their counterparts, and also not active in the vision of the company. This can result in less productivity and even no motivation or engagement, and in worst case burns out an individual.

A Gallup report states that employers are fundamentally affected by the level of engagement of employees to the extent that disengaged employees cost organizations approximately 450 billion to 550 billion dollars each year in reduced productivity. Conversely, companies with high levels of employee engagement have profits that are 21% higher. It is therefore paramount to keep the employees engaged at all times time even in cases where they are working from different locations.

Why Incentives Matter for Remote Teams

Incentives tend to be a major factor in motivating employees irrespective of geographical location. For instance, in the case of remote workers, incentive can be perceived in such a way that it is an appreciation of the effort put in by the individuals involved. Nevertheless, the relevance of the incentives extends beyond the purse, as there is a need to address the social and mental aspects of employees. This includes creating a family-like atmosphere, giving room for advancement and individual interests within the work setting enhancing the objectives of the organization.

With the continued increase of remote working, many companies understand that the old ways of providing motivational incentives to employees without considering individual characteristics do not apply. Incentives for remote teams, show great concern for the specific characteristics of the team and are implemented, for example, through the Kennect sales incentive platform.

Key Strategies for Motivating Remote Teams

1. Recognition and Appreciation: Building Emotional Connection

Motivating remote employees is easier when positive feedback and appreciation are extended to them regularly. Research has shown that employees who are appreciated tend to be more engaged in their work and productive. According to a survey conducted by Deloitte, the employee engagement in companies where appreciation is part of the culture is 14% higher than in those that do not practice appreciation.

In an office environment, for example, an employee can afford to relax as there are other co-workers busy at the company endorsing their accomplishments. There is a need, therefore, for the introduction of recognition solutions programs which can be used online. Whether it is during the team meeting and publicly acknowledging him/her or sending a personalized email that expresses gratitude, we believe very few acts of appreciation help in making remote workers feel important.

Thanks to solutions like the Kennect sales incentive platform, employers can automate and measure the impact of employee recognition on business targets. As a result, managers can establish goals and reward programs to ensure that there is regular recognition of remote workers to keep them motivated.

2. Financial Incentives: Boosting Performance and Morale

When it comes to enhancing employee performance, financial compensation has been, and still is, one of the most straightforward methods employed. These may come in the form of performance-related bonuses, profit-sharing schemes or sales commissions. For example, in the case of remote teams, where it may be more difficult to monitor or measure performance and outcomes, it would be beneficial to have some metrics or goals to which the employees are working.

Encouraging domestic workers to outdo themselves can be achieved through offering well-defined financial incentives like sales bonuses and project completion bonuses. In an investigation conducted by Willis Towers Watson, they found out that 78% of the respondents perceived pay-for-performance models as a viable approach to employee motivation.

3. Career Development Opportunities: Fostering Growth and Engagement

For those working from home, one of the primary issues is the feeling of standing still. As employees work without coming to the office, there is every tendency for them to lose track of the hierarchy and growth of the organization. Providing employees with career advancement benefits such as online classes, coaching, or covering the costs for relevant examinations demonstrates to staff who work remotely that the company is concerned about their development.

Retention is another factor where career development incentives would be effective. Employees would be more motivated to stay and work with the organization. As per LinkedIn’s Workforce Learning Report, It has been noted that 94% of employees would be willing to spend more time at their present employer if that employer would take measures towards their career development.

4. Work-Life Balance Incentives: Prioritizing Well-being

It can be difficult for remote employees to manage a healthy work-life balance because personal life and work tend to overlap. This may ultimately result in inefficiency at work due to burnout. Remote teams can be provided with incentives that foster a healthy integration of work and personal life which has been shown to enhance their overall health and effectiveness.

Inauguration of additional paid leave, flexible work schedules, fitness and wellness programs, as well as funding for home office accessories, are such forms of work-life balance assistance that can be extended to remote workers.

Research published in the Harvard Business Review has proven that productivity in companies that prioritize the well-being of the employees is 21 per cent more. Therefore, by including wellness incentives in incentive strategy in remote work function, companies will boost not only employees’ spirits but also long-term effects on productivity.

5. Team-Based Incentives: Building Connection and Collaboration

Working from home brings a lot of opportunities, but it can also lead to the adverse effect of too much isolation preventing interaction and teamwork. Team-based incentives can be introduced so that remote team members can work on completing a task more thoughtfully; this creates an environment which is healthy and focused on achieving the same objective. Team incentives could be attached to things like project delivery schedules or a specific sales metric that need to be achieved and completed.

To enhance the level of excitement associated with these team incentives, for instance, companies could provide physical incentives like organizing virtual team bonding, offering a group cash bonus, or team outings, when safety permits.

Leveraging Kennect Sales Incentive Platform for Remote Team Motivation

As remote teams become a permanent fixture in many organizations, businesses need efficient tools to manage their incentive programs. The Kennect sales incentive platform provides the perfect solution for streamlining incentive management and ensuring that remote teams are rewarded effectively.

Here’s how Kennect can support your incentive strategy:

• Automated Incentive Management: Kennect automates the process of tracking, calculating, and distributing incentives. This reduces the administrative burden on managers and ensures that employees are rewarded promptly.
• Performance Tracking: Kennect provides real-time insights into employee performance, making it easy for managers to set clear targets and reward achievements accordingly.
• Customizable Incentive Programs: With Kennect, businesses can create tailored incentive programs that align with their goals and employee needs. Whether it’s individual performance bonuses, team-based rewards, or recognition programs, Kennect can handle it all.
• Transparency and Communication: The platform allows for transparent communication of incentive structures, so remote employees are always aware of how they can earn rewards and what’s expected of them.

Conclusion

With the growing trend of work-from-home culture, businesses need to strategize on team motivation. Corporate motivation for remote work is more than just providing monetary compensation rather it is about creating bonds, enhancing health and wellbeing and growing professions. By employing strategies that include but are not limited to praise, monetary compensation, career opportunities, balancing work and personal life, and motivating teams and members, an organization can win the attention and performance of their virtual employees. 

But these strategies can be taken a notch higher with the assistance of solutions like the Kennect sales incentive platform that offers easy incentive management so that teams working away from the office can be appreciated and rewarded sufficiently. While the paradigm of work changes, needless to say, the same employers who will devise and implement incentive programs thoughtfully and skillfully, will have a greater degree of chances of becoming victorious.