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Iconixx Insights BlogSales Performance Management

How employers approach effective sales performance management

By April 17, 2014January 16th, 2023No Comments

Workplaces thrive when employees have high morale and great leaders inspire their sales staff to challenge themselves to do better through effective sales performance management. A Gallup study recently boiled down the characteristics of strong employers that increase engagement and ensure solid levels of productivity even during economic downturns. The authors of the post, which was published in Harvard Business Review, researched 32 large corporations who had a combined payroll of 600,000. A survey of the overall global workforce indicated disengaged workers were double the number of engaged employees, according to Gallup’s study. However, staff at the companies studied in the Harvard Business Review article had much higher levels of engagement with engaged workers outnumbering disengaged ones by a ratio of 9:1. Before moving on to accomplishing the company’s goals, companies are encouraged to make sure their workers have an adequate foundation for engagement that sets them up for success. The Gallup researchers said the workplaces with an engaged workforce were more likely to meet basic engagement requirements that encourage employees to perform optimally. This includes having employees aware of employer expectations and equipping staff with the necessary tools to do their jobs. How companies approach improving morale Leadership within a company also makes a difference in sales performance management. Employers should provide support for their managers and teams in order to encourage them to solve their own problems and make sure they are capable in doing their job. Great employers understand the value of recognition in boosting morale and engaging workers with incentives. The authors said companies should use recognition as a “powerful incentive currency” in their performance management. One company that actively monitors employee engagement is Virgin Media, which focuses on investing resources on improving engagement among its workforce, according to Workplace Savings and Benefits. Businesses may utilize incentive compensation management to track employee performance and reward them with the attention they need to improve. Employers could use recognition as a way to shape staff performance and propel them into new heights of performance. “We make sure engagement is a combined measure and it’s not just satisfaction (whether people are satisfied with their jobs) – it’s about five different measures,” said Virgin Media employee insight and engagement manager Emily Scammell, according to Workplace Savings and Benefits. “It’s about using that combined measure to see whether our people are truly engaged in our success and want to give that discretionary effort to contribute to our growth.”

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Ballast Point Ventures

Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

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Harbert Management Corporation

Harbert Management Corporation seeks to generate superior returns for their investors by identifying and investing in the most promising early growth stage companies in the Southeastern U.S. HMC seeks to capitalize on what it believes are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, and an established entrepreneurial community. The HMC team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. With offices in Birmingham, Alabama; Richmond, Virginia; and Gainesville, Florida, it’s well positioned to partner with entrepreneurs throughout the Southeast.

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KBH Ventures

KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

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S3 Ventures

S3 Ventures is an early expansion and growth stage venture firm with $200 million under management. It’s focused on information technology solutions that solve large business problems. S3 also invests in medical devices that improve the human condition. S3 invests in category-defining opportunities. It partners with the team and help focus methodically on what it takes to build a successful company. S3 today helps talented entrepreneurs take their technology and market knowledge and form valuable businesses in a repeatable fashion. Investment sizes start at several million or more for Series A, B, and C financing.