President’s Club: how to set up a unique incentive program
Incentive programs can drive a business to great heights. For many companies, incentive plans are structured in a way that allows employees to be rewarded for their hard work, especially when it pertains to revenue goals.
President’s Club incentive programs reward employees for achieving major sales milestones. In order to keep these top achievers reaching higher revenue goals each year, it is important to set up a unique incentive program that continues to motivate. Whether that be through a specialized bonus structure tied to certain levels of goals, or a recognition program that honors the big wins, instilling a President’s Club incentive program will help your company continue to strive towards a desired brand growth.
What is President’s Club?
President’s Club is a type of employee recognition program that recognizes top performers within an organization. Oftentimes, these performers are tied to sales revenue and quotas, allowing this club to be comprised of the most elite sales representatives that a company has.
A standard of brand growth is set when a President’s Club is established, keeping team members aligned with company goals. While the term President’s Club is the most used in reference to this type of recognition program, we have seen various versions of the stature of showmanship. A company may also refer to their sales recognition program as one of the following:
- Winner’s Circle
- Million Dollar Club
- Pinnacle Award
- Circle of Excellence
- Leadership Club
- Master’s Circle
Who can join the President’s Club?
There is no one-size-fits-all structure when identifying metrics for a President’s Club. If your organization is seeking to establish an incentive program, we have seen this unfold in a myriad of ways.
While past standards have shown that anyone in sales can qualify, we now know that many other factors come into play when it comes to reaching revenue goals. Nowadays, companies are finding ways to incorporate all departments when outlining sales goals, and especially rewarding those that are the leading drivers of revenue. This can include the Marketing Department, Procurement Departments, HR/Recruiting, and even Operations Departments. If you can tie an individual or team to sales generation, they are worthy of participation in the President’s Club.
What are the benefits of President’s Club?
The benefits of implementing a President’s Club can seem endless. If done well, setting an incentive plan to drive future sales can reap the rewards for years to come.
Increase in Performance
When rewards are directly connected to performance, employees have a personal connection to the results. Performance-based awards are designed to recognize top-performing employees, partners, and salespeople. These awards are typically tied to specific performance metrics, such as sales targets or customer satisfaction scores. By bridging the gap between sales goals and sale efforts, revenue numbers can be hit more frequently.
Steady Motivation for Goals
An efficient President’s Club can help drive sales team motivation. While a member of your sales team may be innately driven to achieve company goals, individual incentives can help push your team to achieve the results you need.
Culture has a way of defining a business. With collective incentives like a President’s Club, your organization can create a sense of comradery that is unparalleled. Your team will feel part of something greater and bolster each other up to achieve greater results.
It goes without saying, but employees who put in the work and time to build a business should be appreciated for their efforts. Your top performers may only be motivated for so long before they start searching for other opportunities for professional growth. By implementing a President’s Club, high performing employees can feel like their work is appreciated, and in turn, employee retention rates will increase.
Best practices for a President’s Club incentive program
Incentive award programs are a powerful tool for motivating and rewarding your team. These programs are designed to recognize outstanding performance, encourage healthy competition, and drive results. Establish a program using some of the best practices outlined below.
Make Goals Realistic
While it is great to shoot for the moon when it comes to revenue goals, it is best to encourage President’s Club participation by making the goals realistic. This way, individuals can identify the steps to achieving those results.
Shape Rewards to Culture
This may be one of the more prominent best practices to incorporate into your President’s Club. Afterall, your team members are the ones that are pushing performance metrics to new heights. When rewarding those top employees, use company branded rewards that resonate with your team.
Provide A Clear Path
Make sure the path to success is possible, attainable, and that it is clear for all participants. Gray areas on goals will never bode well. Structure your President’s Club with definite percentages and numbers that make sense for your organization.
Give Tools for Success
In order to provide a roadmap for your team’s goals, you must first provide the tools they need to succeed. This includes more than software and support technology. Try incorporating management or mentor opportunities, a pipeline for professional growth, and someone who can help show them the way to success.
What are some gift ideas for President’s Club?
The possibilities are endless when it comes to rewarding your high performers. Whether you choose something physical like sales awards or keep it simple and low budget with a recognition newsletter, so long as you put intention and thought into it, any reward will be appreciated.
Plaques may be the most time-tested tradition for President’s Club awards. Hang them on the wall, display them on a windowsill, or even create a unique, functional plaque design that employees can interact with on their desktop.
President’s Club Trip
Oftentimes, President’s Club is tied to a trip that takes place somewhere remote for the top performers to enjoy. Incentive travel programs are a popular way to reward top-performing employees, partners, and salespeople. These programs typically offer all-expenses-paid trips to exotic locations, such as Hawaii or the Caribbean, and will encompass an awards ceremony of some type that highlights the success your team has had.
Verbal recognition can be the most underrated form of appreciation for employees. It is always nice to receive monetary rewards, but in the end, the use of words can hold a heavy weight as well. Express appreciation internally and externally. This can be a recognition newsletter or a personal, hand-written note that leadership crafts for individual employees.
Custom awards are an excellent way to recognize top-performing employees. These awards can be personalized to reflect the recipient’s achievements, making them a truly unique and memorable gift.
For President’s Club and sales award recognition, custom awards can be designed to reflect the company’s brand, mission, and culture. For example, a crystal award with the company’s logo engraved on it can serve as a powerful symbol of the recipient’s contribution to the company’s success.
President’s Club: conclusion
President’s Club awards and recognition motivate individuals and teams to achieve their goals and drive future revenue growth for the company. When implemented with care and compassion, these types of programs can keep employees motivated for years to come, allowing your organization to scale beyond all expectations.
FAQs: President’s Club
How do you qualify for President’s Club?
Qualifying for a President’s Club usually depends on how the program is structured within your organization. Usually, employees that affect the future sales of the business are involved, and they can be rewarded with a title, bonus or award by achieving certain sales metrics.
How can you motivate your sales team with President’s Club incentives?
Motivation and goals can go hand in hand when it comes to incentive programs. When creating a President’s Club sales incentive program, make sure the reward resonates with your team members.
What companies have great President’s Club programs?
Great President’s Club programs help organizations build the future of their business. Companies with prominent President’s Club programs will be noticed for providing achievable metrics or career advancement opportunities, all the while making sure their program is something the employees will want to participate in.