Xactly

OCTOBER 18, 2018

Compensation and incentive pay plays a big role in the success of a sales organization. Incentives drive sales behaviors, but when reps get paid incorrectly, it can lead to some big problems, specifically rep turnover. And many continue to use spreadsheets to manage their compensation, 80 percent of which have errors.

Incentives 58

Incentives Incentive Study Compensation 58

SBI Growth

OCTOBER 5, 2012

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? of Your Reps Receiving Incentive Compensation. %

Compensation 257

Compensation Company Hiring Salary 257

Xactly

OCTOBER 15, 2018

Sales incentives are a great way to motivate your team and keep morale high. Your first line of motivation is your sales commission structure , but there are several different types of sales incentives you can use to further encourage your team. Getting SPIFs Right as Sales Incentives. Making SPIFs too complicated.

Incentives 84

Incentives Incentive Motivation Compensation 84

The Spiff Blog

JANUARY 12, 2022

Compensation strategy is a core factor that plays a role in any business’s ability to be successful. Often, when “bigger” issues arise, we tuck our compensation strategy away in the back of our minds and promise to revisit the topic when we have the time. You know, the pyramid we all studied in Psych 101?

Compensation 52

Compensation Strategy Salary Commission 52

Sales and Marketing Management

MARCH 27, 2019

There’s a simple solution that will help streamline this issue and create more time for sales reps to spend actually selling the product or service: implement a sales and compensation system that’s transparent and easier to understand. Sales incentives are meant to attract and retain top talent, keeping them engaged in their work.

Strategy 223

Strategy Compensation Incentives Incentive 223

Xactly

JULY 26, 2018

Figuring out sales compensation is not for the faint of heart. WorldatWork recently partnered with Xactly to share three best practices for sales compensation. While the ins and outs of sales compensation may complicated, sales operations teams can implement several best practices to navigate complex processes more successfully.

Compensation 57

Compensation Webinar Metrics Incentives Incentive 57

The Spiff Blog

SEPTEMBER 7, 2023

These pillars include organizational alignment, robust reporting, ongoing professional development, incentive compensation, and sales enablement. Incentive alignment : Shared goals enable the design of incentive structures that motivate sales reps while aligning with the broader success of the organization.

Incentives 83

Incentives Incentive Scale Compensation 83

OpenSymmetry

JULY 27, 2015

Fred Sass, Worldwide Marketing Executive for the Sales Performance Management (SPM) division IBM and Laura Roach, Senior VP of Marketing and Customer Success, OpenSymmetry invited Erin Harris, Executive Editor of Integrated Solutions for Retailers to join them in sharing their expertise in securing market share through Incentive Compensation.

Retail 40

Retail Incentives Incentive Compensation 40

No More Cold Calling

DECEMBER 29, 2017

A survey from Health IT Outcomes reported that 90 percent of employees surveyed said they wanted their company to provide a wearable device for tracking as an incentive. The Humana/EIU study also confirmed that stress remains a severe health problem in the workplace. So, what’s thwarting increased participation?

Company 0

Company Survey Study Promotion 0

OpenSymmetry

JUNE 9, 2016

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. Compensation and benefits professionals are under pressure to provide guidance to achieve great plan design. Sales Incentive Design.

Incentives 40

Incentives Incentive Compensation SalesForce 40

Alice Heiman

OCTOBER 6, 2021

On this episode of the Sales Talk for CEOs Podcast, Alice speaks with Chris Cabrera, CEO of Xactly , which provides automated compensation for large sales teams. He was named the “Alumni Entrepreneur of the Year” by the Lloyd Greif Center for Entrepreneurial Studies at the USC Marshall School of Business.

Journal 133

Journal Compensation Incentives Incentive 133

Xactly

MAY 24, 2018

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. In other words, 45% of the time, compensation plans are leading to missed selling opportunities.

Compensation 51

Compensation Enterprise Enterprise Webinar Metrics 51

No More Cold Calling

MARCH 7, 2013

Should you offer incentives to Referral Sources? Just don’t make compensation the reason they refer you. For a 2010 report from the Wharton School of Business, researchers Christophe Van den Bulte, Bernd Skiera, and Philipp Schmitt studied data that an anonymous German bank gathered on nearly 10,000 of its customers over 33 months.

Referrals 245

Referrals Incentives Incentive Banking 245

SBI Growth

FEBRUARY 5, 2014

Are the compensation mechanisms driving the right behaviors?" To make your assessment easy, SBI has created a 10-point Compensation Inspection tool. Read on to understand the mechanics of effective sales compensation. How Important is Compensation? Erik Charles is the Principal Incentive Strategist at Xactly Corp.

Compensation 288

Compensation Territories Hiring Commission 288

OpenSymmetry

JULY 20, 2016

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.

Pharmaceuticals 40

Pharmaceuticals Compensation Incentives Incentive 40

OpenSymmetry

JULY 20, 2016

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.

Pharmaceuticals 40

Pharmaceuticals Compensation Incentives Incentive 40

OpenSymmetry

OCTOBER 24, 2016

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?

Incentives 40

Incentives Incentive ROI Compensation 40

Xactly

MARCH 22, 2018

Most of the time when I speak about the middle performers, it is because I am trying to convince a sales leader that there is value in focusing on the middle performers rather than explaining the sales incentive tools available to increase their performance. Why Focus on Motivating the Middle?

Compensation 64

Compensation Motivation Commission How To 64

Highspot

OCTOBER 11, 2023

Incentives and Recognition Reward top performers with appropriate incentives and recognition. Incentives, training, engagement, and process strategies are proven to work based on the motivation and urgency they drive upon sellers. Communication Foster open and transparent communication within the team.

Sales Management 59

Sales Management Strategy Lead Rank Lead Scoring 59

Anthony Cole Training

OCTOBER 13, 2014

Or, if you want to leverage our compensation model, you need to exceed this year’s goal by x.” Or, if you want to use incentive travel/excursions to motivate people to higher levels of performance, you raise the bar required for people to qualify for the “President’s Club” trip.

Sales Management 204

Sales Management SME Incentives Incentive 204

SBI Growth

JUNE 29, 2013

Incentive Compensation: Sales people are “coin-operated.” These include recognition, incentives, interpersonal support, and clear goals. See below for links to case studies.) Read the case studies and watch the video demos of their solutions in action. Badgeville: Supercharge Your Sales Team case study.

Hiring 326

Hiring Case Study Lead Rank Lead Scoring 326

LeadFuze

JULY 7, 2023

We will explore how past data analysis, future company changes consideration, and incentive programs implementation play a significant role in goal-setting. Finally yet importantly, you’ll learn about aligning new goals with existing compensation plans and adopting quarterly goal-setting practices for frequent reassessment realignment.

Sales Goal 52

Sales Goal Churn Incentives Incentive 52

Xactly

JANUARY 3, 2019

Industry and planning-specific statistics also help guide sales planning and incentive compensation. Nearly 50% of companies fail to measure and adjust financial forecasts and plans to account for the residual impact caused by sales force attrition ( 2018 Mid-Market Sales Incentive Study ).

Handbook 99

Handbook Territories Compensation Incentives 99

OpenSymmetry

FEBRUARY 23, 2017

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. Don’t know where to begin?

Compensation 46

Compensation Hiring Commission Churn 46

The Spiff Blog

AUGUST 22, 2023

Analyze and modify your compensation plans. Speaking of resource-heavy initiatives, let’s talk about sales compensation. RevOps plays a key role in determining the ROI of sales compensation programs. Recommended reading : How to Use Clawback Clauses in Your Sales Compensation Strategy 4. Erase silos between GTM teams.

Strategy 74

Strategy Compensation Commission ROI 74

Hubspot Sales

APRIL 11, 2023

One LinkedIn study found that 64% of recruiting professionals believe that the job search will be more favorable to candidates (as opposed to employers) over the next five years. Lack of Compensation For starters, many salespeople report a lack of compensation as one of the top reasons they leave their employers.

Churn 114

Churn Hiring Survey Hubspot 114

Zoominfo

MARCH 21, 2022

The study showed a broad range of attrition within specific companies in various industries. Faced with increasingly stressful work environments, many workers are leaving lower-paying roles to pursue jobs with better compensation. Data via MIT Sloan Of course, not all companies are the same. and 4.5 %, respectively.

Quota 100

Quota Hiring Face-to-face Advertising 100

The Spiff Blog

JANUARY 9, 2024

Plan your ramp-up periods around a series of interactive training sessions, where new reps will shadow experienced salespeople, sit in on calls, study and discuss recordings of successful sales calls, and so on. Recommended reading : 40 Critical Sales Compensation Benchmarks and Statistics for 2023 5.

Banking 84

Banking Hiring Churn Scale 84

Xactly

SEPTEMBER 5, 2018

Download our "Guide to Sales Team Compensation" to learn how to compensate each sales role. With 70 percent of employees not fully engaged ( according to a recent study ), nearly three out of four of your sales reps are more or less “checked out”—which is a big red flag for missing sales quota. Watch Webinar.

Examples 78

Examples Compensation Incentives Incentive 78

SBI Growth

FEBRUARY 5, 2014

Are the compensation mechanisms driving the right behaviors?" To make your assessment easy, SBI has created a 10-point Compensation Inspection tool. Read on to understand the mechanics of effective sales compensation. How Important is Compensation? Erik Charles is the Principal Incentive Strategist at Xactly Corp.

Compensation 120

Compensation Territories Hiring Commission 120

Hubspot Sales

MAY 18, 2018

A Harvard University study found setting specific goals increases motivation beyond simply telling yourself, “ I’ll just do my best. ”. The study ultimately reported students who stuck to a goal-oriented plan performed 30% better than those who didn’t. The incentive for your reps to meet their quota? Incentivize goals.

Sales Goal 145

Sales Goal Incentives Incentive Quota 145

Sales and Marketing Management

OCTOBER 21, 2019

There’s nothing more frustrating than having a prospective customer on the hook, then having to spend precious time combing for just the whitepaper or case study that fits their needs. Compensation That Shouldn’t Be This Complicated. It isn’t uncommon to see salespeople writing something up themselves if they can’t track it down.

Top of Funnel 136

Top of Funnel Hiring Commission SAP 136

Nutshell

NOVEMBER 9, 2018

We’ve compiled six of the best strategies for improving sales rep performance based on real-world research and case studies so you can get back to hitting your benchmarks in no time: 1. Rethink your compensation strategy. Chung went on to study how companies should pay salespeople. Get to the root of the problem.

Lead Rank 94

Lead Rank Sales Qualified Lead Lead Scoring Follow-up 94

The Spiff Blog

MARCH 8, 2023

Spiff’s sales commission software enables finance and sales operations teams to self-manage complex incentive compensation plans and provides transparency for sales teams. These same companies were less likely to have employee turnover rates ( source ).

Face-to-face 76

Face-to-face Incentives Incentive Commission 76

Crunchbase

FEBRUARY 16, 2021

One would think that a higher compensation would produce better results, but research shows the link between motivation, compensation, and performance is much more complex than most organizations realize. According to a recent study, baby boomers are highly competitive in teams and individual competitions.

Competition 59

Competition Hiring Motivation Incentives 59

Sales Training Connection

APRIL 10, 2013

While money is a motivator for some sales reps some of the time, sales managers should leverage the motivational impact of nonfinancial incentives such as the recognition and appreciation of work performed and feedback from the manager. 39% of sales people do not feel appreciated at work. 39% of sales people do not feel appreciated at work.

Motivation 111

Motivation Compensation Incentives Incentive 111

Growbots

SEPTEMBER 19, 2018

This situation can be financially devastating considering a recent DePaul University study that found that the average turnover cost of a salesperson is $97,690. That same study found that half of the salespeople that leave a company voluntarily resign while 33% are involuntary dismissals and 22% are due to retirement. Company culture.

Compensation 55

Compensation Salary Incentives Incentive 55