Sales Compensation Strategy 101
Setting the compensation strategy for the entire organization is no small task, especially when certain groups may warrant their own separate compensation strategy, as they have differing goals and objectives.
Tag: compensation plan
Want an Effective Compensation Plan? Transparency Matters
At some point along the way, you’ve probably heard a comment about, talking the talk vs. walking the walk, with the implication being that action is more important than words. In a lot of ways that might be true. When it comes to compensation, however, talking the talk is pretty important, too.
Managing Incentive Compensation Plan Changes: 5 Steps for Success
by John Ristuccia, vice president, Professional Services, Optymyze An incentive compensation plan, in which salespeople are compensated based on their ability to meet established performance goals, is key to building an engaged sales force aligned with the overall goals of the organization. Done well, these plans are highly effective, in terms of driving positive selling […]
Wells Fargo Scandal Shows Serious Lack of Effective Leadership
President Harry S. Truman famously had a plaque on his desk that read, “The buck stops here.” It was a reminder to himself that he couldn’t pass responsibility for the way the country was governed. Ultimately, he was responsible.
3 Elements of Selling Your Compensation Plan to Employees
When he addressed strategy for communicating a compensation plan to a company’s sales force, Joseph DiMisa recognized the irony of selling the plan to the sales force. After all, these folks recognize a sales strategy when they see one.
Compensation Planning Can Be a Jigsaw Puzzle
Putting together a compensation plan can be a lot like solving a jigsaw puzzle. Often, all the pieces are there but jumbled up so the overall picture isn’t clear. It is time-consuming process and, like any good puzzle, takes a bit of patience.
Ask the Expert: Is our Sales Commission Plan OK?
We are looking to redesign our sales commission plan and are wondering if the following is legal? Ex: Commission for Q4 sales is paid out at the beginning of Q2 – While the sales person made their Q4 quota, they didn’t make their Q1 quota. Therefore, the commission they would have received beginning of Q2 […]
10 Principles to Make Your Sales Compensation Plan Effective
Creating an effective sales compensation plan is a key component of a company’s overall compensation administration. The goal is to craft a sales compensation plan that motivates team members to perform strongly. Here are 10 principles to make sure your sales compensation plan is effective. Creating an effective sales compensation plan is a key component […]
8 Components of an Effective Employee Compensation Plan
Effective employee compensation plans can set the stage for effective recruiting as well as employee retention. This is because the employee compensation plan should articulate a distinctive value proposition that will inspire and guide the team in the right direction. “Properly developed, this makes a powerful statement internally to your employees as well as externally […]
7 Signs Your Comp Plan Might Be in Trouble
Don’t make the mistake of thinking that having a compensation plan is the same has having an effective one. There are several warning signs that can alert employers when their compensation plan is not effective.