This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/02/13/how-to-set-up-a-competitive-sales-compensation-plan/
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A good sales compensation plan is essential to the success of your organisation. A well-designed sales compensation plan will motivate your team to succeed. It is key to recruiting, hiring, and retaining top sales talent. However, finding a sales compensation scheme that will encourage performance while benefiting your bottom line is not always easy.
Here are some of the things you should take into consideration when trying to set up a fair and competitive sales compensation plan for your team.
Collect Detailed Data.
The most important thing you need to determine the right sales compensation plan for your business is the data on which it will be based. Data allows you to see how past performance has been and what incentives have worked well. Did bonus plans, sales commission structures or a pay mix work well? What deals motivated people? And which sales compensation plants yielded the most revenue?
Another data set required for this analysis is what the competition is doing. Benchmark your compensation plan against industry pay data. If your staff can earn more money elsewhere, they may leave.
Plan with People in Mind.
Don’t assume everyone should be working on a commission basis. In most sales jobs, there must be a base salary. And try to avoid draw against commissions as well. The advance at the start of the pay period may let them cover their current bills, but if they don’t hit quota, they’ll owe the employer money. Talk about a recipe for resentment.
In a worst-case scenario, the salesperson will end up in debt to an employer, and it may not be their fault if the industry as a whole is on the decline or the latest product is a dud. Bear in mind that a dip in sales might be because of market conditions or because a product … Read More
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