Sales people are undeniably driven by rewards and recognition. Developing a sales system with attention to all the right details will not be effective if the compensation and rewards structure is perceived by them to be unfair or unrealistic.
Like the other components to Consilium’s Performance Sales System, aligning compensation and rewards to the sales model, process, organizational structure and most importantly performance metrics and goals is the only way to develop appropriate compensation levels and reward programs. One of the first steps is to review your existing compensation and reward structures as well as relative metrics and goal programs.
Next is a review of the “accountability culture” and reporting processes / tools currently in place. Using the new sales system research is conducted to identify industry pay averages that are similar in industry and sales system strategy. At this point the existing compensation and reward systems are compared and refined to create an incentives alignment package that is designed to drive revenue while appropriately compensating the sale force. A rewards program is then developed to provide recognition for goal achievement aligned to individuals, teams and divisions.
Our step-by-step approach to Compensation & Rewards Systems looks like this:
1. Review exisiting Compensation & Reward Structures.
2. Review new Performance Metrics & Goals.
3. Review accountability systems & sales reporting processes.
4. Research external pay scales relative to industry and sales model.
5. Develop Compensation packages in alignment with sales system & industry averages.
6. Develop reward and recognition systems to support individual, team, division goals.
What are the benefits?
1. Ensure you are reinforcing the desired performance and activities of your sales organization
2. Provide a market-based compensation plan
3. Ensure your Compensation and Rewards structure motivates your sales organization while being fair to the corporation.