The new year is around the corner and that means many sales managers are evaluating their current sales compensation plans and determining whether a change needs to be made.
According to WorldatWork Sales Compensation Strategy Survey, nearly two-thirds of reporting companies change their sales comp plan every year. Below are links to information from our Resource Library, including sample sales compensation plans, a webinar on how to structure a compensation and incentive plan based on job role to name a few. Also, attend our upcoming monthly sales management webinar in February to learn the role of rewards and recognition programs and their effect in the overall benefit and incentive package.
Hope this helps. Please share additional resources with each other.
Sales Compensation Plan Resources
- WEBINAR RECORDING Best Practices for Sales Compensation Plan Design plus
- PILLAR OVERVIEW: Compensation / Recognition / Rewards
- SAMPLE COMPENSATION PLAN best practice document from EcSell Institute's Resource Library
- 2010 SALES COMPENSATION PLAN STUDY
Sales compensation is a dynamic management tool. As business conditions change so should the approach to compensating the sales force. There are a number of reasons for changing the sales compensation plan including changes to:
- Business objectives
- Go-to-market strategy
- Business economics
- Customer buying preferences
- Supporting systems
- Plan dysfunction
When developing a sales compensation and incentive plan, follow these guidelines:
- Start with a clear definition of business objectives
- Clarify selling roles
- Follow a defined process for assessment, design, and implementation
- Don't expect the new sales comp plan to sell itself
- Remember there is no magic bullet. You still need to coach the sales force
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