What is a spif?

A spif is a type of financial incentive or bonus given to employees, salespeople, or partners for achieving specific goals or targets. It is often used to motivate individuals to increase their performance and productivity. Spifs can come in various forms, such as cash bonuses, gift cards, trips, or other rewards. The amount of the spif is typically based on the level of achievement or the value of the sale. Businesses use spifs as a way to drive sales, boost morale, and reward top performers. However, it is important to carefully design and implement spifs to ensure they are fair, transparent, and aligned with company objectives.