Creating and maintaining an effective business can be made easier through the use of sales incentive programs. In order for a company to succeed, it needs to have excellent employees who are looking to further themselves personally and professionally. Read on for tips on how to attract these top performers. Evaluate an incentive program One of the biggest draws for potential employees is a competitive compensation plan. Whether it’s in a bid to attract a top CEO, or a budding member of the sales team, compensation is what drives top performers to join a business. In developing an incentive compensation program, it is important to remember the following:
- Compensation is about more than just a regular paycheck – a strong compensation program will find the right balance between salary, commission and bonuses among staff. There is no one-size-fits-all approach to compensation, as each company is different. In that same vein, there is no reason why a CEO’s plan should be the same as that of a member of the sales team. Each job description should be catered to what kind of people a company wants to attract, and this includes compensation. According to the Society for Human Resource Management, CEOs often value having stock options in the company as part of the compensation program. This shows that a company recognizes that the work of the CEO directly affects the value of the company.
- When developing an incentive compensation program, HR officials need to ask themselves whether the new plan would reward the right people who improve business performance, and if the program has the power to keep talented performers around. Evaluate star performers annually to adjust rewards for improvements, and keep on the lookout for up-and-comers in the office across all departments.
- A common and effective way to motivate employees is by awarding them their commissions in front of others. This incentivizes other employees to work harder and meet their goals so they can join their colleagues in earning extra rewards.
Offer opportunities for advancement In order to draw in top talent to any organization, there must be opportunities for advancement. An experienced sales representative who is changing companies is most likely looking for something more than his or her last employer offered. Attract top performers by opening up a path toward more prestigious roles in the company with higher pay rates. SalesForce Search recommends offering one-on-one mentoring to employees as well as readily available resources explaining paths toward promotions. It’s a good idea to create documents for each role, complete with a job description and means to work toward the position. This can include setting out a percentage increase in pay between jobs, merit increases and a quarterly analysis of employee performance. Set performance targets for new hires to reach before they can be considered for a promotion. This will increase productivity and motivation, and attract highly driven individuals who are looking to further their careers. Company culture is key Increasingly, top sales candidates are receiving multiple offers for employment, all with impressive benefit packages. Once a competitive sales compensation plan has been established, it is important to recognize the value of company culture. During the recruitment process, it is a good idea to explain the history and mission of the company in easily understandable terms, and to develop a clear company personality. An attractive compensation plan not only includes monetary benefits, but also the promise of a satisfying work experience complete with an employee support system, a range of unique activities the company takes part in and business traditions.
