December 13, 2022

1117: Reimagining How Companies Recognize and Incentivize Sellers with Kevin Yip

39 minutes

Kevin Yip is the President and Co-Founder of Blueboard and he dives into how companies can reimagine how they recognize and incentivize their employees that go beyond the typical cash rewards. Research shows that sellers are actually motivated by recognition and visibility rather than pure cash alone.

Kevin explains how his experience with recognition fell flat and how he and his company provide thoughtful, personal, and nonmonetary experiences to change the way these programs are offered to employees. He also talks about the extrinsic and intrinsic motivations of people and how these should be rewarded by companies.

HIGHLIGHT QUOTES

Extrinsic and intrinsic motivations spell the difference between recognition and incentive - Kevin: "Are you tapping into extrinsic or intrinsic motivation, right? So when I pull out an incentive, as a company leader, if you hit this goal or exhibit this behavior, you will get a reward. So that's an external carrot that like hey, this is a desired and valuable behavior or outcome for the company, and I want everyone working towards this. So that's very much extrinsic motivation."

"Recognition, a lot of times, is after the fact. Andy, you're doing a great job as an up and coming product manager and you're putting in the hours just because you care about your work and you want to do better. After the fact, you get recognized by your boss as saying, hey, thank you for putting in this hard work, and here is a reward. That's more intrinsic motivation."

Find out more about Kevin in the links below:

LinkedIn: https://www.linkedin.com/in/kevinyip/

Website: https://www.blueboard.com/

Email: [email protected]