Delivering Rewards in the Pharmaceutical Industry.
The Challenge
A leading pharmaceutical company sought ways to retain its top performers, reward and recognize sales performance and field related activity. They wanted to consolidate several division-specific recognition programs into a single umbrella program that provided managers with a flexible means to recognize and reward behaviors of the field sales force. Understanding the program ROI and cost of employee turnover was critical in the link between performance and rewards.
Our Solution
One10 developed a point-based rewards platform that enabled managers to reinforce desirable performance by giving points “on the spot”. Points are earned through manager-to-employee recognition for field-related activity and sales goal attainment. Good news! Not all recognition needs dollars attached. We also designed a peer to peer recognition module including eCards celebrating work anniversaries, teamwork, and birthdays. The responsively designed web-based portal is used for recognition activity, monitoring online account statements and eCatalog redemption of rewards. Participants points are banked until redeemed for catalog merchandise, retail gift certificates, or individual travel awards.
The Results
- Managers who actively used the rewards platform to engage employees attained a 6.9% sales goal achievement over managers who did not use the program.
- Employees who participate in the program have a 50% lower turnover rate, resulting in $111 million in cost savings.
- Program ROI exceeds 1,000% due to employee retention and sales goal achievement directly credited to the recognition program.
We’d Love to Hear From You
Whether you want to schedule a demo, learn more about our solutions or simply chat – we are happy to answer any and all questions.