{"id":1383,"date":"2012-05-24T08:39:44","date_gmt":"2012-05-24T08:39:44","guid":{"rendered":"https:\/\/www.peaksalesrecruiting.comblog\/innovation-in-sales-compensation-strategies\/"},"modified":"2015-05-04T19:44:07","modified_gmt":"2015-05-04T19:44:07","slug":"innovation-in-sales-compensation-strategies","status":"publish","type":"post","link":"https:\/\/www.peaksalesrecruiting.com\/blog\/innovation-in-sales-compensation-strategies\/","title":{"rendered":"Innovation in Sales Compensation Strategies"},"content":{"rendered":"

\"InnovationChanges in the economy have resulted in many businesses reviewing compensation expenses.\u00a0 The sales commission budget \u2013 traditionally the largest cost- is often under scrutiny.<\/p>\n

Can that expense be lowered with a new incentive calculation process? Data shows that 75% of organizations with 1,000-2,500 employees currently determine commissions using spreadsheets. This approach can lead to overpayments on bonuses and commissions, increased risk of error, loss of time, and inaccurate readings of data.<\/p>\n

This often-complicated procedure can be simpler and more exact with the use of Incentive Compensation Management (ICM). ICM simplifies compensation management while offering a wealth of information.<\/p>\n

Loading data into a spreadsheet is time consuming and allows for a high margin of error.\u00a0 When the spreadsheet is complete, you are left with a commission amount and not much else.
\nIncentive Compensation Management delivers accurate payment facts, as well as direct correlations between compensation and performance.\u00a0 You have the flexibility to change the plan duration (monthly, quarterly, annually, etc.), re-calculate commissions with new parameters, and have multiple quotas or multiple forecasts. The most current figures from sales, finance and HR are included without the manual collection of records or modification of formulas. Data is obtained automatically combining the information quickly and accurately.<\/p>\n

Yes, there is an expense with an ICM, but with proper use you will almost immediately experience cost savings.\u00a0 Since you are no longer working with complicated spreadsheets, compensation plans can be modified easily and correctly.\u00a0 With access to sales performance versus commission paid, you can monitor sales trends, quota performance, and attainment distributions using real-time dashboards and reporting. Current incentives are easily visible and sales teams are able to determine their actual and projected commissions. \u00a0Questions regarding the payout can be done through Incentive Compensation Management and communications are directed to the appropriate parties. \u00a0All inquires and responses are also traceable, allowing for transparency with the process.<\/p>\n

At a time when organizational efficiency and effectiveness are of great importance, Incentive Compensation Management establishes payroll as a seamless business process. \u00a0A decrease in errors combined with an increase in productivity promise that ICM offers the highest financial return in the shortest amount of time.\u00a0 Limited effort will be spent researching and resolving sales disputes, and with precise sales incentive calculation your team will exert less energy checking on their pay, and more time selling!<\/p>\n

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