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Incorporate employee input when crafting sales compensation program

By April 15, 2013June 11th, 2024No Comments

Sales management knows one thing: The sales process is often a grind and team members could always use some motivation to keep them energized. Management also knows one of the most common vehicles to boosting team enthusiasm is instituting a sales compensation program. Incentivizing performance is proven to result in better numbers, but some firms still run into trouble when trying operate a successful compensation program. Potential growing pains in such operations may actually be caused by something management doesn’t know – what really motivates employees. In order to really get the most out of an incentive program, management needs to take into account what rewards or incentives employees value. Why is employee input necessary? The last thing a company wants to do is set up a compensation program that doesn’t motivate the sales team like it should and ends up being a costly and inefficient initiative, which is what can happen when employee sentiment is not considered. To drive sales team performance, management needs to lend an ear to the wants and needs of its employees. Otherwise, leaders risk setting up goals that no one is sufficiently motivated to achieve and adds layers onto a manager-employee disconnect. Employers could ask their sales teams and other employees whether they would rather see more health-based incentives – like money off on a health insurance premium – or would be more motivated by quarterly incentives, and not monthly ones. How sales compensation software enables collaboration If management is ready to give employees a seat at the table, the business can benefit from using sales compensation software when setting up an incentive program. Such software solutions can facilitate easy communication between all parties involved and can effectively streamline the process so the compensation program can be tailored to fit everyone’s needs.

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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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