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Iconixx Insights BlogIncentive Compensation Management

Help employees motivate themselves with incentive compensation software

By June 24, 2013January 16th, 2023No 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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Harbert Management Corporation

Harbert Management Corporation seeks to generate superior returns for their investors by identifying and investing in the most promising early growth stage companies in the Southeastern U.S. HMC seeks to capitalize on what it believes are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, and an established entrepreneurial community. The HMC team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. With offices in Birmingham, Alabama; Richmond, Virginia; and Gainesville, Florida, it’s well positioned to partner with entrepreneurs throughout the Southeast.

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KBH Ventures

KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

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S3 Ventures

S3 Ventures is an early expansion and growth stage venture firm with $200 million under management. It’s focused on information technology solutions that solve large business problems. S3 also invests in medical devices that improve the human condition. S3 invests in category-defining opportunities. It partners with the team and help focus methodically on what it takes to build a successful company. S3 today helps talented entrepreneurs take their technology and market knowledge and form valuable businesses in a repeatable fashion. Investment sizes start at several million or more for Series A, B, and C financing.