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AnalyticsIncentive Compensation ManagementSalary Planning and Merit IncreasesSales Performance Management

How sales compensation helps employees feel appreciated

By April 18, 2013June 11th, 2024No Comments

Supplying motivation to the sales team is often the No. 1 priority businesses strategize for when implementing sales compensation programs. But aside from accomplishing that task, incentive programs are also successful in helping employees feel like they are appreciated, which in turn helps the firm do better in workforce retainment. According to a recent infographic prepared by Salesforce, 51 percent of employees who do not feel recognized will search for another job, while just 23 percent of those who feel appreciated said the same. Additionally, 76 percent of appreciated workers said they love their company, compared to only 31 percent of those who feel less than recognized by management. Sales compensation programs are integral to helping companies build toward making their talent feel more appreciated. Seventy-one percent of employee respondents said motivating high performance was the best way to conveying appreciation from above. Cash incentives were also a common recognition program employers deployed (62 percent), as were gift certificates (47 percent). Twenty-four percent of employee respondents said the appreciative measures they valued most were monetary incentives. Employee expectation of how often they wish to be recognized for their efforts also made sales compensation software a perfect fit for companies seeking to motivate employees, as 51 percent said they would like to see upper management extend recognition at least once a quarter. In its recommendations, Salesforce urged businesses to maintain constant frequency of recognition strategies, clearly relay those efforts and be as specific as possible. In light of that, sales compensation software is more valuable to employee appreciation than ever before. Through the use of such solutions, employers and employees are afforded an easy-to-use virtual environment in which to communicate. Additionally, software helps streamline the process and makes it simple for employers to tailor merit increases to their exact standards.

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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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