3 tips for sales compensation programs that work for everyone

One sure way to get the most from a salesforce is to create sales compensation programs that work to incentivize sales reps to go that extra mile. Such strategies not only bring in better sales numbers for the company, but also keep the sales team motivated and aware that a bonus awaits them if they do a good job. But businesses are faced with a dilemma when deciding how to go about formulating such a plan and what reward should be offered. While it seems like a daunting task, there are a few simple elements to a good compensation program every firm should consider implementing. Keep the all-stars in mind Businesses depend on the top performers to not only prop up the entire team, but also lead by example. That's a lot to put on one person's plate, but the best members of the sales team usually relish the chance to prove themselves and do good for the company. As such, it's worthwhile to consider paying higher commission percentages for those who go above and beyond the call of duty. Sales compensation software can help accomplish this by setting thresholds on quotas. If someone surpasses $150,000, for example, then the commission rate gets a percentage point bump, providing top performers with the rewards they deserve and continuous incentives for others to better themselves. Teamwide bonuses help everyone Another way to motivate your entire team to achieve all that they can is by creating certain team-based compensations that reward not just one individual, but the whole squad. It helps foster a more inclusive atmosphere and lets employees know that their own personal efforts and work are appreciated. Contest incentives rally the troops In order to keep the sales team energized, one exceptional tactic to improve incentive performance management is offering contests. Having add-on contest incentives that reward reps for sales on new products or reviving lost contacts or leads are both great examples of this. Besides motivating employees to do better, it will also help enhance company culture and keep the sales team on their toes.