Compensation plans are often too complex, and other times they are too simplistic. As your company evolves its strategy and you evolve your sales strategy, the compensation program needs to keep up. Old compensation concepts are both a blessing and a curse. Stick to the way you have always done things and you are sure to miss your revenue targets but over-rotate to the new concepts, and you will push talented reps out the door. It is imperative to refresh the incentive compensation program at least once per year if you want to hit the revenue target.
- Benchmark assessment by role
- Compensation plan by role
- Compensation calculator by role
- Automation technology
- Communication plan
- Financial models
- Comp committee approvals
With compensation levels now set, it is time to move on to Phase 13: Sales Operations.