Non Financial Compensation Reward For Motivating Sales Force

2446 WordsJan 27, 201510 Pages
Introduction Many organizations realize that professional, highly skilled salespeople are critically to their business success. As competition between retailers and brands grows drastically in luxury industry, it becomes increasingly important to stimulate the sales force for better sales performance and stronger commitment to their organizations. Firstly, I will define the generic term of motivation and the purpose of motivating sales force from individual and organizational aspects. The key concepts of intrinsic and extrinsic motivation will be explained and relevant theories will be analysed. Then, I will examine the advantages and disadvantages and for different types of financial compensation reward systems. Evaluate the feasibility for different plans in luxury industrial application. This paper will also discuss the importance of non-financial compensation reward in motivating sales force and give recommendations for applying them in luxury industry. In the end, this paper will analyze the importance of effective leadership in motivating the performance of sales force, relevant suggestions will be given. Throughout this study, theories will be connected to the luxury industrial application and adequate strategies will be proposed. Definition and Purpose Motivation can be defined as "the processes that account for an individual’s intensity, direction, and persistence of effort toward achieving an organizational goal"( Robbins & Judge, 2011). In my understanding,

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