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AnalyticsIncentive Compensation ManagementSalary Planning and Merit IncreasesSales Performance Management

3 actions that make a successful compensation program

By April 10, 2013January 16th, 2023No Comments

Sales compensation programs are a common occurrence in the modern world of business. With the emphasis on human capital and workforce talent growing, firms are increasingly looking for ways to boost employee engagement and spur workers to become more motivated. In that effort, organizations have found compensation programs prove to be the most effective tool to accomplishing those objectives. But maintaining a successful program isn’t as simple as setting up specifics and letting it work itself out – although businesses can effectively simplify the process by using sales compensation software. Indeed, it takes continuous attention to detail and subtle crafting for a program to become truly successful. Know what you’re getting out of it Businesses can’t simply dump funds and resources into an employee performance bonus program and expect extraordinary results: Firms need to have a clear picture of what they expect out of it all. It comes down to the return on investment (ROI). Having a way to track and measure progress and performance is critical to the business deriving value from compensation. Position compensation in line with business goals It won’t do the company any good to institute a sales compensation program and set arbitrary goals for team members to achieve. In order for the firm to see the benefits of the program, it needs to align rewards and objectives with the ulterior goals and aspirations of the business, be it growth or clientele expansion. Communicate value to employees No compensation program can succeed without engaged employees working toward making progress within the incentive structure. As such, it’s essential that the businesses craft goals that resonate with employee objectives and are attractive enough to incentivize motivation.

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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.

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.

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.

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.