Your Chamber staff is always on the lookout for new tips & tricks to help your business succeed. One case study we found suggested a retailer switch from a monthly bonus to a weekly bonus. Below is a summary of the casestudy.
A weekly payout, rather than a monthly payout, helps keep staff focused on selling every day, not just the last couple of days of the month. In addition, there are 3 other key benefits of this strategy.
- It fosters team work. If your store hits it’s goal for the week, everyone gets a bonus. This encourages people to work together and help each other out. No one can earn the bonus alone.
- It keeps them selling the whole week. If you have higher bonus payouts coming from higher weekly sales, everyone stays focused on selling until the very last hour of the week.
- It’s fair. In this casestudy, the bonus was paid on an hourly basis. People who work more hours get more of a bonus and people who’ve worked less get less.
The holiday season is the perfect time to try this out. If it works for you, you can continue it during the rest of the year.
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