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AnalyticsIncentive Compensation ManagementSalary Planning and Merit IncreasesSales Performance Management

Incentive compensation management aids recruitment efforts

By April 8, 2013June 11th, 2024No Comments

Increasingly, businesses are recognizing that a different kind of capital is essential to success and growth: human capital, to be specific. Employee talent is crucial to business operations, since a company is only as good as the people it hires. Securing human capital is becoming increasingly challenging for businesses as the skills gap continues to widen. Yet firms can put themselves in a superior position to attract high-level sales talent when using incentive compensation software. A sales compensation program is a major draw for prospective employees and a critical tool to improving recruitment efforts because it serves a number of functions. First, and most importantly, the presence of a compensation program lets sales talent know they will be rewarded for putting in the effort, lending credibility and attractiveness to the position. Also, setting goals and objectives for sales talent to reach lets applicants know the company has expectations and structure. These are intangible, but valuable, aspects of the business that many applicants weigh more heavily than some specifics of the job. Another advantage compensation programs provide businesses in recruiting is making applicants aware that there is a pathway for them to succeed. Compensation programs that include merit increases alert sales talent to the opportunities for career advancement that are made possible by such initiatives. “Business is competitive and talent is the competitive advantage,” a mid-2012 article for Incentive Magazine read. “To win the war for talent and retain your top performers, it’s necessary to understand the current workforce and create a talent strategy that is in line with your [employee value propositions] and continually strives to create happy employees and loyal customers.” The key to attracting sales talent lies in the business’ ability to clearly communicate the advantage of an incentive program. As such, firms can improve their recruitment and retention efforts by investing in sales compensation software that will help them attract the top available talent.

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