How to Design an Incentive Compensation Plan That Works

Sales Benchmark Index

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Is Now the Right Time to Pull the Compensation Trigger?

Sales Benchmark Index

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Incentive Compensation Design in the Retail Sector

OpenSymmetry

What does the Future for Incentive Compensation Design in Retail Hold? Before designing an incentive plan, organizations must first define the criteria that relates to the area of responsibility for each role, or what we compensation experts call “line of sight”.

Leveraging Kaizen Principles for Incentive Compensation Management

OpenSymmetry

Our customers are seeing long-term success with implementing enterprise Incentive Compensation Management and Sales Performance Management solutions for their organizations. The post Leveraging Kaizen Principles for Incentive Compensation Management appeared first on OS Blog.

Rethinking Sales Incentives

The Pipeline

As part of a series of posts dealing with areas you should consider, better yet reconsider, going in to the New Year, today we look at incentive. While there are other expenses, commissions/incentives, are the most direct “payment” you pay for bringing in revenue.

Competition: The Invisible Enemy of Compensation Planning

Sales Benchmark Index

Each year, HR professionals pay for benchmark compensation data. It also includes a Competitive Compensation Analyzer to identify your unique situation. Discover tactical solutions to get the most out your incentive comp dollars. Poor Compensation Drives Turnover.

Sales Incentive Optimization

OpenSymmetry

The Journey to Sales Incentive Optimization. The recent e-Reward conference in London (May 12 2016) had a number of important messages for the Compensation and Benefits community. Sales Incentive Design. The post Sales Incentive Optimization appeared first on OS Blog.

Why Automate Sales Compensation Management

OpenSymmetry

On November 19 th , 30 organisations gathered in London at the e-reward conference to discuss the benefits of compensation management software. What are some of the challenges your organization faces as it relates to sales compensation automation?

Expand the Reach of Your Sales Team with SDRs

Sales Benchmark Index

Article Marketing Strategy Sales Strategy heather young Sales Development Rep Sales Development Representative sales leads SDR SDR compensation SDR incentive SDR management SDR onboarding

11 Sales Compensation Complaints to Address Before Next Year

Sales Benchmark Index

This post is for Sales and HR Leaders planning 2014 Sales Compensation. It provides a number of common Sales Compensation complaints. I also discuss some underlying causes of the complaints that may not be compensation-related. The Sales Compensation Complaint Checker has 8 more.

[Webinar Wrap-Up] Incentive Compensation in Retail: 5 Bottom-Line Benefits

OpenSymmetry

To take it a step a further, connecting customer experience to compensation protects your operational costs. Your organization cannot let a record-breaking retail holiday season go by without maximizing the benefits of incentive compensation to: Motivate sales teams.

The Strategic Account Manager – How do you Compensate This Critical Role?

OpenSymmetry

The Strategic Account Manager is included in this group and is amongst the most difficult roles to compensate in sales organizations. So, how do you compensate this key role? We completed a sales compensation plan audit for a telecommunications company last year.

Does Your Sales Incentive Plan Drive Customers Away?

Sales Benchmark Index

The purpose of every incentive compensation plan is to influence the actions of sales reps. HR leaders should act now to align the compensation plan with the customer's interests. Sales incentives can be like square pegs. Incentive compensation is intended to reward specific behaviors of the sales force. Here are some real-life examples of poorly designed incentives. Product Launch Incentive. Customer Satisfaction Incentive.

How to Make Sure You Aren’t Paying 10 People for One Deal

Sales Benchmark Index

Article Corporate Strategy Private Equity and Activist Investor Sales Strategy SBI on Demand compensation compensation planning incentive plan pay too many sales sales comp sales compensation sales incentive sales reps

Is Your Sales Compensation Driving the Right Behaviors?

Sales Benchmark Index

It's a critical time of year for sales compensation. If the compensation plan is not effective it will have profound negative effects. For example: selling low margin products because they maximize the compensation payout. Did it incent the right behavior?

How to Compensate the Overlay Sales Specialist

Sales Benchmark Index

HR and Sales leaders face the challenge of maximizing the investment in sales compensation. The compensation calculator offered here will help you make smarter decisions about the economics behind motivating a critical component of your sales force. With proper structure and compensation , they can provide tremendous leverage. Compensation for the overlay specialist can be problematical. The solution lies in a holistic approach to compensation.

Crush Your Number with the Right Compensation Plan

Sales Benchmark Index

Today’s topic is incentive compensation planning to hit your revenue goal. Joining us for today’s show is Eric Schwab, a Chief Revenue Officer who knows a thing or two about revenue growth. To follow along download our 10th annual workbook, How.

2015 Sales Compensation Plans

Your Sales Management Guru

Creating a Sales Compensation Plans. Some pay commission based on sales, while others only pay on margin; still others blend both with incentives and special bonus plans. In short, sales compensation should be not just a tactical focus for your organization, but a strategic one as well.

Five Bottom-Line Benefits for Incentive Compensation for Retailers

OpenSymmetry

With the help of incentive compensation management solutions, retailers are able to increase market share and drive the desired sales behavior. Incentive Compensation helps: Improve sales performance by aligning sales behavior with business goals to improve efficiency.

Is Your Compensation Plan Evolving with the Company?

Sales Benchmark Index

Despite this luxury, the small company sales compensation plan is usually left on the backburner. To drive the right behavior and hit your targets, your sales compensation must evolve at the same pace as your company. Are you clinging to a legacy Sales Compensation model?

Will These 6 Tests Save 2013’s Sales Compensation Plan?

Sales Benchmark Index

This post will help you test a redesigned sales compensation plan to ensure cultural fit. Let’s suppose HR is fully engaged for redesign of a 2013 Sales Compensation plan. HR even brought in an expert compensation firm. But wait – this new incentive compensation plan could flop.

A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

In some cases, incentive compensation (IC) methods have evolved to align with new regulations regarding specific sales metrics. Bowe claims this could be a source of the overdose crisis and a case of crossing the fine line between sales incentives and public health.

A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

In some cases, incentive compensation (IC) methods have evolved to align with new regulations regarding specific sales metrics. For example, Corporate Integrity Agreements (CIAs) were implemented by the DoJ as a way to curtail off-label drug promotion which forced companies to ensure their sales incentives encouraged proper compliance. Bowe claims this could be a source of the overdose crisis and a case of crossing the fine line between sales incentives and public health.

You Get What You Measure/Compensate For!

Partners in Excellence

It’s an age old adage, “You get what you measure and compensate for.” There are a lot of things that impact quota performance, but I suspect a large part of the challenge are the other things we measure, hold people accountable for, even compensate at some level.

Get Your ‘C’ Players Jobs with Your Competitors

Sales Benchmark Index

Article Corporate Strategy Sales Strategy SBI on Demand "A-Player" c player comp design compensation compensation planning compensation strategy incentive on target earnings OTE salary benchmark

How to Avoid Wasting Money on a Compensation Assessment

Sales Benchmark Index

HR leaders, get ready for the 2013 Sales Kickoff by fixing the flaws in your compensation plan today. Read this post to reframe what may be disguised as a compensation problem. And get your hands on a Competency Grader for compensation assesement providers as part of SBI's "Make The Number 2013.". Is the compensation model to blame? Software Firm: The annual Employee survey is overflowing with negative comments about the incentive plan. Compensation Study ?

Motivated by Achievement and Stimulated by Compensation

Jonathan Farrington

I quote … “As organizations have begun to see the benefits of collaboration, they’ve also, unsurprisingly, started to change their sales incentives and reward systems. The plodders, will usually perform to the same standard or level, however you compensate them.

Sales Incentives Gone Wild: Are Reps Gaming Your Comp Plan?

The Sales Insider

Sales Leadership sales compensation plan sales incentives Sales Motivation How does a sales rep hit 150 percent of earnings while only achieving 70 percent of overall quota attainment? He chases the spiffs, contests and bonuses.

You Know You’re a Sales Compensation Consultant When

OpenSymmetry

An inside look of what it’s like to be a sales compensation consultant. Many people don’t know what it’s like to work as a sales compensation consultant. Here’s what they came up with: You know you’re a sales compensation consultant when….

Sales Performance Management: Not Your Parent’s Compensation Calculator

OpenSymmetry

Sales Performance Management (SPM) has truly evolved over the last 10+ years from the days of having an on-premise solution that primarily automated the compensation calculation process with basic reporting, to a new dynamic frontier with extended capabilities.

Your Guide to a High-Performance Outbound SDR Team

Sales Benchmark Index

Podcast Sales Strategy Lead Generation Sales Development Rep sales strategy SDR business case SDR compensation SDR incentive SDR management SDR onboarding SDR TeamToday’s topic is understanding how to leverage Sales Development Reps to generate leads for the sales team.

Capturing the Yeti: Calculating and Optimizing the ROI of Your Sales Incentive Plan

OpenSymmetry

Much like the elusive yeti, the identification of Return On Investment (ROI) for a sales incentive plan is believed to exist by enthusiasts from the sales compensation design team, but met with much skepticism by others, namely the Finance department. So how do you prove the existence of ROI in your sales incentive plan proposal? So how do you measure the mysterious ROI of a sales incentive plan? Incentive design clearly has a major influence.

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Wells Fargo: The True Cost of “Unchecked Incentives”

OpenSymmetry

Over 70% of sales organizations report using spreadsheets to calculate sales compensation and commissions for sales team members, which may be susceptible to integrity loss as they are shared throughout the organization. Richard Cordray, director of the Consumer Financial Protection Bureau, suggests “unchecked incentives” were the root cause of the fraudulent accounts, further elaborating, “Incentive compensation structures are common in businesses and they can motivate positive behavior.

Is Your Sales Rep Compensation Plan Pushing You Up or Out?

Sales Benchmark Index

When sales reps think about their compensation, the first thing they ask is “How can I make more?” Is your compensation plan well designed or driving top-tier reps away? Does executive leadership refer to key annual sales goals (customer retention, new product sales targets) that are not part of your compensation plan? Marketing and lead development reps that are paid incentives if they meet high levels of quality and quantity for you will help you make your number.

Should Marketing Be Compensated On Revenue?

Pointclear

If this is true, and no one has refuted me yet, why isn’t marketing management (and everyone in the marketing department) compensated in some manner on revenue the same way sales people and sales management are paid? Recently (Aug 29th) on SLMA radio I interviewed Eric Lundbohm about the different ways to compensate marketers (other than salary) for their efforts in creating wealth for their company. In my opinion, it’s for this “generated interest” that they should be compensated.

OpenSymmetry Releases 2016 SPM Vendor Guide

OpenSymmetry

The footprint of SPM is broadening from just compensating sales reps to driving a more holistic approach and helps enterprises improve the organization, direction, and motivation of sales teams.

Game the Plan – With Chris Cabrera

The Pipeline

Almost everyone in sales will tell you that incentives drive behaviour, but beyond that there is often little agreement among the pundits as to what the right incentive plan is. He also discussed that managing activity is the role of management not the incentive plan.

New Product? Don’t Forget to Update the Sales Compensation Plan

Sales Benchmark Index

What about the sales compensation plan? To learn more about sales enablement and obtain our product launch sales compensation checklist sign up for our Q3 Make The Number Tour. The key lies in changing the compensation plan to drive the sales force to sell the new product. So how do we incent this behavior? 4 Compensation Considerations when Launching a New Product. As competitors change, you need to conduct a benchmark on your compensation plan.

Sales Leadership: Compensation and Summer Fun

Your Sales Management Guru

Sales Compensation and Having a Fun Summer. In this blog I wanted to share a few basic ideas from my books on sales management: Leading High Performance Sales Teams and Creating Sales Compensation Plans for High Performance. In many cases I have seen great ideas poorly executed, it is critical you think through what your objectives are and what you want the results to be and then CLEARLY write down the objectives, rules and incentives.

Sales 17

Evaluating sales compensation processes to avoid automated chaos

OpenSymmetry

However, automation is not necessarily the answer to all sales compensation problems – in fact, a new shiny tool could be a huge investment that only helps the company make the same mistakes faster. Take a fresh look at your sales compensation processes before considering the investment of a new tool. According to a study from WorldatWork , best-in-class companies have three or fewer measures for sales compensation calculations.

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