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Iconixx Insights BlogIncentive Compensation Management

Help employees motivate themselves with incentive compensation software

By June 24, 2013June 11th, 2024No Comments

Good incentive compensation plans motivate employees, but great ICM plans help employees motivate themselves. With incentive compensation software, VPs of sales and HR representatives can create effective motivational bonus programs that will increase productivity and company revenues across the board. Keep reading to find out how incentive compensation software can help employees motivate themselves and improve their work.

Self-monitor
When a company elects to use incentive compensation software, every member of a company is granted access to the program. Salespeople can log on to the ICM software and control their personal dashboard, which will show individual sales rates, goals and potential rewards.

When presented with this information, salespeople will be able to monitor their own performance. They can go through their own sales history, identifying strengths and weaknesses in their work, and make adjustments from there. When workers have a transparent view of their sales progress, they can understand their achievements on a greater level.

Self-motivate
Armed with a deep understanding of their roles as salespeople, individual employees can motivate themselves to improve their numbers when using incentive compensation software.

On each worker’s dashboard, they can see how many units of a product they must sell before they reach their reward, whether it is a cash bonus, gift card or day off. They can then adjust their sales methods to effectively reach these goals.

Salespeople can also use “What-If” calculators. These tools allow workers to adjust scenarios to see how payments would play out under different circumstances.

For example, if a person must sell 50 more units of a product before earning a cash bonus, he or she can use the calculator to see how many units per day they must sell in order to hit that goal by a certain date. Knowing what must be accomplished to reach an incentive payout can go a long way in motivating employees.

An employee can use the calculator time and time again, increasing motivation and productivity.

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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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KBH Ventures

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