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Financial Incentives

In: Business and Management

Submitted By jperez060
Words 674
Pages 3
Jeanette Perez
Incentives for customer satisfaction
DrainFlow Company has brought up an idea to use financial incentives in order to improve their customer service satisfaction. For example, they are proposing to give their order processors a minor compensation for every 20 calls that are successfully completed. In addition, they are giving cash rewards to those workers that are out doing the jobs. How do they determine how well the plumbers did? The company will have the billing representatives call the customers and collect feedback regarding the service they received. If the customer was satisfied then the plumber or assistant would be given a cash reward. Furthermore, if the customer was highly satisfied then the cash reward would be much higher. These kinds of incentives make a company more lucrative and attractive to other employees. Companies may get well qualified applicants that are interested in the companies because of the great incentives they offer to their employees.
Advantages of incentives The advantages of having financial incentives can have a great impact on the company and employees in a positive way. For instance, the profits of the company will grow because employees are trying harder in their jobs because they want to earn extra money. Also, not only will the employee be working harder but they will also be working smarter since their choices can have a big effect on their pay check. Another advantage the company will gain by giving incentives or bonuses is employee retention. By giving employee bonuses or incentives employees will think twice before leaving a company for the competition just because they offer a better salary. Employees will feel appreciated and feel that their hard work is recognized by the company they work for. For example, if a cellular company employee gets a bonus for signing up a new wireless customer and

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