Incentive Compensation
Incentive Compensation
Today, incentive compensation (IC) is still a crucial component of sales operations and one of the most critical levers for increasing the field team's efficiency. An efficient company should be able to use incentive pay as a strategic tool to motivate employees and thus boost sales. Priorities are shifting quickly due to the growth of data sources, technology, selling models, and cost concerns. Today's IC team leaders must know best practices that generate high impact and maintain corporate sales goals alignment inside sales organizations.
Today, incentive compensation (IC) is still a crucial component of sales operations and one of the most critical levers for increasing the field team's efficiency. An efficient company should be able to use incentive pay as a strategic tool to motivate employees and thus boost sales. Priorities are shifting quickly due to the growth of data sources, technology, selling models, and cost concerns. Today's IC team leaders must know best practices that generate high impact and maintain corporate sales goals alignment inside sales organizations.
Driving improvements in operations is always a journey. Some best practices are relatively easy to adopt, and some undoubtedly require a well-thought-out change management approach for institutionalization. But embracing even some of these best practices will significantly impact the cost of operations, agility, field experience – and how customers perceive the IC team!
Driving improvements in operations is always a journey. Some best practices are relatively easy to adopt, and some undoubtedly require a well-thought-out change management approach for institutionalization. But embracing even some of these best practices will significantly impact the cost of operations, agility, field experience – and how customers perceive the IC team!
Planning
Planning
- Discussion of Incentive parameters
- Final parameters sharing
- Projections of cost
Incentive simulator
Incentive simulator
Incentive simulator can be created to ensure PSRs can plan maximum attenable incentive.
Incentive simulator can be created to ensure PSRs can plan maximum attenable incentive.
Calculations
Calculations
- Calculations based on parameters
- Frequency of Incentive calculations
- Monthly, Quarterly, Yearly
Example
Example
Incentive Dashboard
Incentive Dashboard
- For Central Team.
- Power BI
- Tableau
- Excel Dashboards.
- For Field Force.
- Online Tools
- Mail (PDF, Excel table embed over mail body)
Calculation sharing
Calculation sharing