How to Design an Incentive Compensation Plan That Works

Sales Benchmark Index

Article Sales Strategy SBI for SMB comp planning compensation plan plan sales comp sales compensation

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.

How the Board Affects Growth Through Executive Compensation

Sales Benchmark Index

What separates the great companies that we work with? Fundamentally it is associated with good leadership, clear direction and strategic functional alignment.

Is Now the Right Time to Pull the Compensation Trigger?

Sales Benchmark Index

Article Sales Strategy b2b sales sales compensation sales incentive pay sales incentive pay changes sales rep comp plans sales strategy sales variable compensation

Juuust right incentives

Sales and Marketing

Author: Tim Houlihan Sales leaders are always trying to figure out how to get the most out of their reps at the lowest cost, and incentives are excellent at revealing that sweet spot. Finding the sweet spot for an incentive is like how Mama Bear’s porridge was juuust right.

Juuust right incentives

Sales and Marketing

Author: Tim Houlihan Sales leaders are always trying to figure out how to get the most out of their reps at the lowest cost, and incentives are excellent at revealing that sweet spot. Finding the sweet spot for an incentive is like how Mama Bear’s porridge was juuust right. The rule of thumb for calibrating incentives is to pay out between 3 and 10 percent of total compensation (commensurate with the period the incentive is active).

The ABCs of Compensation Planning: How to Build Better Incentive Plans

Xactly

The sales compensation planning process can be complex, and unfortunately, sometimes a headache. The ABCs of Compensation Planning. Once you’ve put together your sales compensation team, you’re ready to dive into the plan design process.

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.

X-Factor Compensation Leaders: How to Be Incredible at Incentive Planning (Wolters Kluwer)

Xactly

Building a successful sales compensation plan carries an incredible amount of responsibility for compensation planning teams. Finding the right mixture of compensation requirements is no easy feat, but luckily, it doesn’t have to be a time-consuming task.

Optimal Incentive Compensation Plan Design for Successful Implementation

OpenSymmetry

In the second scenario, the organisation has a strong HR or Sales leader driving the project who wants to look at a simplified process or wants a simplified incentives landscape before they start automating. We typically come across 2 scenarios with regard to plan design and automation.

X-Factor Compensation Leaders: How to Be Incredible at Incentive Planning (Palo Alto Networks)

Xactly

Sales compensation is one of the most important components of sales planning. Sales operations and compensation professionals must compile a team to piecing together metrics and goals, which carries an incredible amount of responsibility. Time in sales compensation: 11 years.

2018 Sales Compensation Planning

Your Sales Management Guru

Align Sales Compensation with Your Goals A compensation plan that works. Note: This week’s blog is an excerpt from my new book: “Creating High Performance Sales Compensation Plans”. Sizing It Up Compensation plans shouldn’t be developed in a vacuum.

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

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.

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

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The Case for Team-Based Sales Incentives

Xactly

Historically, sales performance incentives have been focused on individual recognition. But only offering individual sales incentives is narrow-minded and can be supplemented with team-based rewards. Curbing the Complexity of Collaborative Incentives.

10 Ways To Boost Your Sales Incentive Strategy

Sales and Marketing

Author: George Kriza, CEO, MTCPerformance Your organization wants to drive sales with an incentive program. Here are 10 of the most important elements in designing and deploying your next incentive campaign. Are they already in other incentive programs, or is yours the only one they’ll see? Target the right market segments: Decide which sales organizations, geographies and channels will deliver maximum performance for your incentive budget.

[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.

Sales Performance Management 101 for HR: Keeping Employees Motivated Through Compensation Transparency

OpenSymmetry

Incentive compensation management systems, a core piece of SPM solutions, can automate calculation of sales commissions, bonuses, and MBOs, as well as directly linking each of these variable payments to the associated performance metric. Join industry experts from OpenSymmetry and IBM will hold a webinar on January 23 to show how HR specialists can use SPM solutions to keep sales staff motivated and confident in their compensation.

Seven steps to successfully manage your sales compensation plans

Anaplan

In my years in sales, I’ve come to believe that incentive compensation plans often function as communication plans in disguise. Rarely, in my experience, are a company’s culture and values articulated more clearly than in the sales behaviors its incentive plans aim to inspire. And there is nowhere where senior leadership can better drive the … Seven steps to successfully manage your sales compensation plans Read More » Sales ICM (Incentive Compensation Management

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….

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.

Compensation Plans for Top Sales Performers

Sales Benchmark Index

Effective incentive compensation is designed to reward desired selling behaviors. Compensation Planning Human Resources Buyer Behavior Buyer Process Map Sales Turnover Your top sales reps have been living with the comp plan since kickoff.

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.

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

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.

Three strategies to better manage sales compensation plans

Anaplan

This story was originally published in The Reward Quarter, Issue 21 All too often, sales compensation programs are the “tail that wags the dog.” While they are frequently the last part of a sales plan to be created, if they are not done right, they can ruin all the hard work you’ve put into your … Three strategies to better manage sales compensation plans Read More » Sales ICM (Incentive Compensation Management

Transforming Sales Compensation into an Enterprise Strategy

Xactly

Sales compensation is one of the most costly investments enterprises make every year. From our years in the compensation space, we’ve found that 45% of compensation plans actually drive the wrong sales behaviors. Why Your Sales Compensation Is Inefficient.

Sales Incentive Program Management as a Profit Center for CFO’s of Large Channel Members and Distributors

Sales and Marketing

Author: George Kriza, CEO, MTCPerformance For most large resellers or distributors, sales incentive programs for internal sales teams get little attention from top financial executives inside their organizations. That’s probably because they don’t realize a huge opportunity to drive millions of net profit dollars straight to the bottom line, while at the same time underwriting compensation for the sales team. Currently attracts $5mm of incentive programs annually.

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.

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.

Sales Compensation: The Ultimate Guide

Hubspot Sales

Sales compensation is one of the trickiest aspects of the sales organization to get right. How sales compensation should work. A sales compensation plan operates from a basic principle: Money drives behavior. to calculate compensation. Sales Compensation

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.

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?

Survey Results Validate Need for Transparency and Automation in Incentive Comp

OpenSymmetry

The results provide some interesting, yet not surprising insights to the compensation operations of various organizations. As it relates to operational challenges pertaining to period-to-period incentive compensation processing, the following three challenges emerged from the survey results: Limited reporting. Especially in terms of workflow, there is no functionality to automate adjustment submission and field approval prior to involving a compensation administrator.

Is Your Compensation Plan Driving Sales to the Wrong Finish Line?

OpenSymmetry

This is where effective compensation plans come into play, as they can make a big impact on driving behaviors through the “Why.” However, a new compensation plan that helps reps achieve their objectives faster or more easily will get reps on board, answering the basic question of, “What’s in it for me?” Most effectively, aligning compensation plans with the goals of the business gives reps the reason “Why” to sell a particular product or service to a particular type of customer.

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.

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.

Show Me the Money! A Guide to Creating a Scalable Sales Compensation Plan

Openview

In this guide, you’ll find tips for designing sales compensation packages that yield results and actually scale. As most CEOs have discovered at some point, sales compensation is very often a delicate balancing act. Salary or Bonus-Heavy Compensation: Which Model is Best?

Guest blog: 10 Success Factors For Quotas Part 1

OpenSymmetry

When executives design a good sales compensation plan, the team steps back and admires the final product. It carries the same level of impact as the sales compensation plan but often lacks the attention it requires. Quotas involve a different set of players than sales compensation.

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