Using Incentive Compensation to Motivate Your Sales Reps
Are you finding your sales reps to be unmotivated? This behavior can have a huge impact on their performance and repercussions can resonate throughout your sales department. Implementing Incentive Compensation Management (ICM) can have a monumental influence on the motivation of your sales reps and their resulting performance. So why might you need an automated compensation plan? Your sales reps may feel underappreciated and fail to meet goals if they find their current compensation plan doesn’t match their performance. By implementing an attractive compensation plan you can ensure your sales reps are focused on striving to meet their goals and ultimately aligning their performance with company goals. If you have no incentive plan and are relying on manual spreadsheets, you are bound to have costly errors and timely delays on rewards, resulting in a team of un-motivated sales reps. By deploying an automated incentive compensation plan with tangible rewards, you will keep reps focused and engaged in active participation instead of questioning if and when their compensation will be paid. Keep your sales reps motived by ensuring that your ICM package is desirable. With an ICM platform, you can reward your sales reps for exceeding quotas, outperforming their peers, exhibiting desired selling behaviors—all of which will gear your team up for sales success. Keep in mind, however, not all sales reps should be incentivized by the same rewards, so it’s important to tailor your compensation to the needs of your staff on an individual level. This will keep your rewards appealing and encourage positive results. Integrating an automated ICM platform will allow you to customize complex plans for your team and will be mutually beneficial for your organization as a whole and its members. In addition, keep your reps motivated by ensuring that goals are tangible. If goals are unattainable, reps will lose patience and motivation. If goals are too easy, your reps won’t be challenged and may lose interest. With implementing a compensation plan with ICM, you will keep your sales reps motivated to reach their goals. Incentivizing your sales reps will keep them engaged in their work and motivated to reach their sales goals. With ICM, employee satisfaction and performance will increase and ultimately result in a more productive sales team In addition, turnover is likely to decrease if your employees are satisfied with their compensation packages and feel they are rewarded fairly. Your team’s renewed motivation will result in higher productivity and lead your organization to higher profitability.
Christina Kuzmic | February 28th, 2014