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Why and how do we reward great performance of our employees

The employees’ performance is the most essential component in having an auspicious business. Also, employee assessment is acknowledged the most influential apparatus for guaranteeing a centered, captivated and likewise remarkably profitable workforce.Establishing a communication strategy is perhaps one of the most vital elements of any important organizational change. The communication strategy must cater for regular communication all through the implementation process.

To maximize the effectiveness and motivation of the sales force, we need to ensure first that every person in the sales force including sales executives, managers, employees and external agents  and dealers clearly comprehend the targets irrespective of the complexity level. Then information in real time has to be provided on the actual performance verses the objectives. The next step in sales performance management is to show a transparent connection between performance and incentives. In order to measure the performance of individual employee objectively you need to identify the best employees. This is usually done by gaining timely insight into the performance of the employee.
Compensation management process involves:

  • Identifying value of position and jobs, the data can be entered from job evaluation systems and salary surveys.
  • Defining and grouping compensation components.
  • Defining guidelines and eligibility rules and relating to the plans
  • Budgeting the compensation management.
  • Planning and designing compensation plans.
  • Auditing and tracking approved incentives.

The implementation of performance management is done using various technologies. The system used must be able to keep compensation costs in accordance with the allocated budget .

Currently, many senior executives consider pay-for-performance as the most significant tools in reaching the company’s best financial results. Therefore, to effectively  and easily implement a strong compensation for performance strategyy:

  • Improving employee retention as employees who do better than their peers will be rewarded accordingly and are more likely to continue with your company.
  • Design the commission strategy using objective data and then communicate in the whole enterprise proving tje connection between compensation and performance expectations.
  • Drastically reduce  the human rror by managing your compensation in an environment with streamlined workflows in which the data is determined through calculation and eligibility engines thereby eliminating privacy violations and human calculation mistakes.

By rewarding high performance, you will be able to keep most of your top talents and be able to drive an organization performance that exceeds all expectations. In addition, you will have clear visibility into the performance of the individual employee when making decisions on his or her compensation.

 

Compensation Management driving Sales performance

Sales performance management is the art of combining performance data with improvement processes of the businesses with the aim of driving sales effectively. At its central point is the incentive compensation management practice and the impact of the business grows with addition of other critical processes for instance analytics and dashboarding, territory and quota management and coaching. Sales performance management in small businesses may be carried out by analysts and good managers. In large organizations with more than one sales channel, there may be important data as well as organizational barriers to guaranteeing efficient sales performance management implementation and overall alignment. The use of sales performance management solutions offers a good way of dealing with such challenges by making it possible for the sales functions to automate the leverage metrics, commissioning process, reports, plan territories and shares, analytics and dashboards, and utilize features of workflow to clarify goals, straighten the organization, disclose opportunities and improve the results of the business.
Sales performance management improves sales organization in various ways as numerous businesses are unable to execute effectively and efficiently improvement initiatives like cost reduction and sales transformation since success needs coordinated calculations, change of behavior and also alignment across all functions of sales. Some of the reasons why sales organizations struggle to execute improvement campaigns and adapt to varying business needs include absence of forefront visibility into performance, misaligned incentives and being unable to place individual sales rep incentives and goals in context with the objectives of the organization. Sales performance management assists an organization in uncovering and fixing performance shortcomings and its initiatives deliver high returns on investments for sales operations. It also provides an organization with a framework to be able to plan and also model sales strategies as well as ensure timely implementation of all sales initiatives while giving decision makers and forefront sales people visibility into performance.
Some of the results an organizations can achieve through sales performance management include compelling plus measurable sales incentive schemes that influence sales behavior positively, better sales targeting via an understanding of the trends of the markets and targeting of sales in a better way across territories.
Other results include:
Increased revenue generation and productivity of the sales person and this is driven by incentive programs and more effective pay, staff retention because of transparent objectives and enhanced supervisory management, increase in sharing of best work practices from top employees up to developing teammates.
Improved analyst performance is achieved and this is driven by substantial time savings as a result of automated data integration as well as cleansing, business-driving insight arising from concentration on analytic works verses repetitive report production tasks and improved process of strategic decision making.
Greater executive impact that is driven by the ability to accomplish compensation plan changes as per the business speed, more fact-based and data-driven decisions arising from sales analytics and transparency into business performance across all departments and roles. Increased effectiveness and efficiency of the supervisor and this is driven by superior impact management of channels, teams and regions, decreased administration activities like gathering of data for coaching, director and manager transparency into supervisor effectiveness and performance

Contact me ( elias@incentives-solutions.com ) at Incentives Solutions ( Sale Performance Site ) to learn more how we can help driving your Sales Performance