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Iconixx Insights BlogIncentive Compensation Management

Use incentive compensation plans to boost communication and efficiency

By June 28, 2013January 16th, 2023No Comments

When properly implemented, incentive compensation plans can increase communication and efficiency at any company. Incentive compensation software can be especially beneficial in the planning and execution phases of an incentive compensation management program. These programs guide VPs of sales and other decision-makers toward positive solutions for their businesses. Keep reading to find out how the right ICM plan can help improve office practices.

Increased communication
When VPs of sales utilize incentive compensation software, they can open up the lines of communication between salespeople and supervisors, as well as HR representatives and administrative staff.

In order for a new ICM plan to go well, a VP of sales should clearly communicate the program to his or her staff before putting it into action. This will set the tone for an open environment in which employees can voice their concerns and thoughts on a new program.

The software itself also aids in communication. When staffers log onto their accounts, they have a clear view of their plan and reward system for achieving high sales numbers. If they find an issue on their personalized dashboards, instead of sending a series of emails that may get lost or looked over by busy VPs of sales, they can use the software’s internal communication system.

An individual can send a message to HR or his or her supervisor directly on the program, which cuts down on confusion by providing a reliable, easy-to-use communication tool.

Improved efficiency
A good ICM plan will motivate employees to earn higher sales, as well as steer a company toward achieving overall objectives. VPs of sales can create programs that will expand their businesses and align employee behavior with large-scale goals.

If company objectives focus on consistent attendance, client retention and steady gains in sales, VPs of sales can create ICM programs based around these goals. As team members feel motivated to push themselves further, VPs of sales will see a higher level of efficiency and business improvements.

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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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