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Prevent employee burnout with responsible sales performance management

By July 25, 2013January 16th, 2023No Comments

Incentive compensation plans are designed to promote hard work, high sales and quality customer service. When a company is performing well and star employees are emerging, why would a VP of sales think twice about the increased level of hard work a sales team is putting in? Unfortunately, too much hard work can result in employee burnout. With responsible sales performance management and the right incentive plan, however, an executive can keep staff happy and maintain high sales. Keep reading to see how to monitor a sales team and stop burnout before it happens: Track performance One of the key steps to sales management is to track employee performance on a regular basis. Incentive compensation software is a great tool managers can use to monitor data on a daily basis – they can simply log onto the software and have immediate access to hard data on an entire staff. A manager can see just how well their new incentive compensation management plan is working, and see as sales numbers increase across days, weeks and months. When monitoring these numbers, it’s important to keep an eye out for sales spikes. While high numbers are a sign of success, it’s important to balance out competitions with employee ability. If an executive sees that numbers are climbing but morale is falling, it may be time to take a break from fast-paced competitions and space out incentive plans more evenly. Get creative with rewards A workforce is almost guaranteed to be motivated by financial incentives, but there are many other ways to reward high performers that will help prevent burn out. A company can put on a sales competition, and instead of offering a bonus as a reward, can instead offer a day off of work. A VP of sales can also offer gift cards or tickets to a popular event – these rewards will keep employees motivated, but the reward will be a time reserved for time away from work, which will help employees unwind and appreciate life outside of the office.

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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.