This two-day seminar will cover end-to-end sales compensation from design methodology, how to choose the right incentive form for performance measures and developing the compensation plan documents. This course will be a two-way communication style where there are practical exercises involved.
Key benefits of attending this workshop
- UNDERSTAND the fundamentals of sales compensation theory and practice
- GAIN fluency in sales compensation terminology and technique
- COMPREHEND how and why sales compensation needs to adapt as the business and markets mature
- IDENTIFY the key characteristics of different sales roles from a sales compensation perspective
- DISCOVER the steps needed to properly assess and design a sales compensation plan
- RECOGNISE options for designing plans on a global basis so that they are aligned with a consistent strategy but accommodate the needs of different countries
- ACQUIRE the standard sales compensation data analyses used to develop a fact base for decisions
- OBTAIN a toolkit of sales performance measures and mechanics to deploy in different circumstances
- LEARN how to adapt your sales compensation plans to overcome situations that can undermine their effectiveness
- KNOW how to properly document and communicate the plan for clarity and impact
- DEVELOP a plan governance framework to manage plan administration and design on an ongoing basis
- OBTAIN answers to specific questions about your particular situation from the instructor and perspectives from your fellow participants
Who Should Attend
This training is highly recommended for any person that is associated with Sales Compensation, such as:
- Sales Director
- Sales Managers
- Sales Operation
- Sales Support Managers
- Compensation Manager/Specialists
- Human Resource Directors
The course is relevant to the following departments:
- Human Resources
- Sales Department
- Finance Department
- Business Department
- Compensation and Benefits
- Account Management
Why you should Attend?
While the concept of pay for performance is simple, designing and implementing an effective sales compensation plan is trickier than it may at first seem. There are many things that can go wrong. And a plan that works well one year may quickly become obsolete, as the business matures, products change, and sales needs change. It is important to recognize that sales compensation is inherently different from other forms of compensation. These differences make it more powerful but also more difficult to manage. First, there is generally a significant variable component. It may be as much as 50% or more of compensation at target.
This can be a powerful motivator, but only if there is a clear, objective link to results that the sales person can control. And that presents a host of challenges, such as defining the right measures, setting individual performance standards, and configuring plan mechanics so that there is meaningful payout dispersion but with control of overall costs.
Fortunately, there is an established body of sales compensation theory and technique to help you navigate the best course and avoid the shoals. There are frameworks, analyses, and rules of thumb to help plan designers assess, design, and implement plans that both motivate and manage risk. And although “the devil is in the details,” there are a limited number of choices at each step of the process. This workshop will teach the fundamentals of sales compensation plan design in a practical, hands-on way that will allow participants to analyse the needs of their business from a sales compensation perspective, understand the key decision points, and make choices that lead to plan designs that motivate, align with business objectives, manage risk and are understood and supported by key stakeholder, particularly the sales force.