Learn how compensation should be used to drive a competitive advantage in organisations. The right commission plan can help attract and retain top talent and it is the most critical factor in driving sales behaviours. It is important to look into the commission data across companies and industries to benchmark what the optimal pay mix should be in order to drive the right behaviours.
In this guide, you will discover:
:: How to use sales data to create a strong pay mix
:: Real-life examples of successful sales pay mix
:: Industry-specific pay mixes
Following the transformation of PagesJaunes from a print-based company to a mainly digital and online-based advertising business, in 2014 the organisation introduced a new compensation scheme to incentivise its sales representatives to sell its full portfolio of products and services. The scheme has four main objectives – revenue, number of customers, quality and a product specific target – and reps can earn up to 60% of their fixed income in additional compensation if they achieve their personal targets. According to Mathieu Nuée, Head of Compensation Solution, the key to the scheme is its transparency – sales people can see full details of all their orders within the system, explore how their compensation payments are calculated and even forecast their potential payments for the rest of the year using a sophisticated simulation module within the compensation software.
Researched and written by E-reward.co.uk