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Motivate a diverse sales team with incentive compensation management

By July 29, 2013January 16th, 2023No Comments

Incentive compensation management is hardly a one-size-fits-all initiative. Some individuals will be motivated by money to increase sales, while days off or other rewards may best suit others. According to a new study conducted by the University of Iowa, selecting the right motivational plan depends largely on individual employee personalities. Companies with diverse sales teams, administrative workers and HR professionals don’t have to settle for a generic incentive compensation management program. Instead, an executive can use incentive compensation software, which helps an individual design a customized plan that’s right for their business. Keep reading to find out how to motivate a diverse workforce: Rethink company roles When designing an ICM plan, an executive should first evaluate staff members and their individual traits. The University of Iowa study found that, in order to be effectively motivated, an employee must be doing work they value and can accomplish. On a sales team, this may mean moving a certain product at a faster rate, excelling in customer interactions or creating client loyalty. A VP of sales should take notice of these traits, and adjust roles accordingly. If a salesperson knows just how to interact with clients and enjoys the work, then an executive can shift their role to include challenging customer interactions. This will motivate a worker, and make them happier while on the job. Get creative with ICM plans Many organizations apply a standard ICM plan to their staff. Bonuses and commissions have been proven to drive sales, but a workforce is made up of individuals with their own tastes and priorities. A VP of sales should complement a traditional ICM plan with creative motivational tools such as days off, tickets to a sporting event or casual dress days for an entire department when they hit a sales target. A little creativity will pay off with big sales numbers and a happier, highly engaged staff.

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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.

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.

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.

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.