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.
If you want to motivate your employees to strive for better performance, you will have to set target/goals for everyone from top to bottom. That means from CEO to VP of sales, supervisors, administrators and your entire sales team need to define their goals individual and team wise. Target/goal includes enhance efficiency, smart decision making and boost sales numbers. Defining target/ goals articulately imbibe a sense of accountability which act as a strong motivating factor.
Effective incentive compensation management plays an important role in the growth of your organization because a clear defined incentive compensation plan keep your sales force focus and stimulate them to earn more, hence your productivity will also increase.
But still many companies are using excel spreadsheets or home-grown script based solutions to manage sales incentive calculations but this is not a viable solution when you have huge sales force spreaded across various geographies dealing in multiple product mix and face many complexities like:
- Increase overpayment and underpayment rates
- Scattered data base with multiple silos
- Delay in payment
- Inflexible for answering current business need
- Dispute resolution turnaround time
- High attrition rate
- Inability to produce dynamic reports for management review
Specially FMCG, Pharmaceuticals, Life science are few of the industries , dealing with multiple products, multiple countries, huge team of sales force need an agile and dynamic incentive compensation management(ICM) software which streamline and automate your complex incentive matrix . An intuitive incentive compensation management software helps you to plan out incentive plans that will boost and rejuvenate your staff. With incentive compensation management software you can clearly define your incentive plans with your sales force that reward top performers and boost mid-level performers to come on the top, your VP sales can track the performance of his team members and can change incentive structure any time as per the situation.
Smart incentive compensation management software help you to identify the pain areas, lacking zone of each individual sales reps so you can understand their training needs and provide them right training and counseling.
With an intuitive incentive compensation management software you can reap benefit like:
- Reduce commission processing cycle
- Enhance transparency and productivity
- Boost the morale of your sales force
- Reduce attrition rate
- Centralize system with full security
- Decrease dispute turnover time
- Ability to produce dynamic reports for management review
- Flexibility as per the future business need
- Compliance with all audit requirements
Incentive compensation management software empower you to leverage incentive compensation programs to drive business results.