The outcome of ANZ's Elite sales incentive program is compelling - more satisfied customers, higher morale among sales professionals and improved profits.
Since the initiative started three years ago, it has evolved from a focus on sales results and rewarding top achievers to an emphasis on teamwork.
In addition to allocating rewards points based on completed sales, team leaders were encouraged to acknowledge the efforts of employees who may have contributed to the sale and delivery in other ways.
ANZ's business banking division teamed up with Melbourne-based recognition, reward and incentive company accumulate in 2008 to help inspire a stronger sales and customer-focused culture.
24% increase in bottom line growth
53% increase in number of products sold
The impact of the Elite program was recognised with an honourable mention in the Sales Incentive category at the 2009 Incentive Marketing Association's Circle of Excellence Awards in the United States.
Now entering its fourth year, ANZ's Elite continues to build momentum and set an example. Collins says that products per customer have increased and sales performance has improved across both the top and middle band of sales professionals.
Leaders also recognise employees who display specific behaviours which contribute to higher sales, including sales support and project staff.
A tailored website is used for rules and news updates, allowing sales teams to track progress on live leader boards. Brochures, posters and emails add to the communication mix.
The Elite program can be adapted for other organisations and tailored to include an appropriate incentives range featuring anything from luxury trips, jewellery and homewares to gift cards, merchandise and career-advancement opportunities.
In part, he attributes the initiative's success to "the progressive mindset of the client, in continually working with us to ensure the program is evolving in line with its broader business objectives."
ANZ also benefits from reward and recognition mechanisms to drive results, including peer nominations for performance recognition, sales-tracking functionality, and charting for sales of specific products.
Heyward agrees that ANZ's recognition of people in support roles has been a significant part of the program's success.
"Product sales continue to be recognised, but the onus is placed well and truly on line managers to drive the right sales behaviours among their teams," he says.
Heyward notes that the program is one part of ANZ's strategy to incentivise staff.
Reproduced with permission from Sales Professional Magazine, July 2011