Incentive compensation management plans are designed to motivate employees, but ICM software can help a company do much more than that. Incentive compensation software gives executives the power to drive performance as well as encourage staff to follow best practices and stay in line with company objectives. Keep reading to find out how ICM software can help a VP of sales encourage company compliance and great sales. Tailored plans An ICM program should be tailor-made for a company – software makes this easy. An executive can create the perfect plan for their business, whether incentives include bonuses, merit increases, days off or gift cards, to draw out the best performance from a staff. Rather than focusing entirely on sales, though, a company can encourage best practices by setting up rewards for those who consistently follow company policies. For example, in order for a sales company to run smoothly, administrative staff need to be attentive and engaged. An executive can encourage timeliness and reduce absenteeism by rewarding employees who are at the office on time every day. A supervisor can monitor timeliness and will see how quickly a team begins arriving on time when there’s the possibility of a monetary reward in the works. Automatic transparency A main objective for many organizations is accurate sales reporting. Some employees, however, may be lax on this practice, putting off sales reporting until the next day. Or an HR professional may be so swamped that they do not have time to manually enter sales numbers at the end of a long work day. As any VP of sales knows, though, accurate information is essential to company success. ICM software helps correct this problem, and automatically pulls sales data into the system on a daily basis, or as often as one would choose. This takes the stress and uncertainty out of sales reporting, improving compliance with company goals.
