Incentive compensation planning is a complex subject. Your compensation framework must be internally equitable, externally competitive and compliant as per the pay and labor laws. Incentive compensation is a variable pay that is given to deserving candidates for outstanding performance. It includes bonuses, company stocks, retirement plans, tour packages and many more.
The objective of any sales team is pretty clear: sell more and drive revenue. Today, most of the organizations are offering mixed pay structure, includes basic salary with commission-based pay. These structures have led to the practice of Incentive Compensation Management (ICM), which includes compensation planning and processing.
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Your sales team is the face of your organization, they are responsible for educating your customers about your newly launched product, sale existing products and generate revenue. In this era of globalization, rapid technological evolution and decreasing customer loyalty it’s a tough challenge for you to keep your sales force motivated. In this cut-throat competitive business environment, if your sales team does not feel confident about your organization, you will be out of the game. Many companies struggle with motivating employees, and once a work culture is established in which workers feel unappreciated or have lost their drive, it can be tough to get back on track.