Once an executive successfully implements an incentive compensation plan, the work isn’t quite done. It’s not enough to monitor results for a few months, deem a program a success, and move on. Instead, consistent and timely sales performance management is necessary for an incentive compensation management program to stay successful in the long run. Keep reading to find out how a supervisor can consistently motivate a team and promote higher sales on a regular basis. Track performance frequently Incentives such as bonuses and merit increases work, but it’s important for executives and managers to stay connected and informed about the results of the plans they put in place. Regular employee tracking is a must for high sales performance. Incentive and sales compensation software is great for employee tracking, as it uploads data regularly and frequently. Many companies choose to have the software automatically update sales numbers at the end of each day, so information is always accurate. Supervisors can check in on salespeople regularly to see how incentives and competitions are sparking motivation, and what if any changes need to be made. ICM software is a powerful tool that helps individuals monitor their staff, without feeling like they are micro-managing. Don’t be afraid to make adjustments Even the best ideas need a little reworking every now and then. Certain incentives work better for specific individuals or departments over others, which is why sometimes an ICM plan needs to be tweaked to get the best results. Maybe a quarterly sales competition drove performance at first, but data now shows that numbers are lagging. In that case it might be time for a monthly sales competition, or a one-time contest with a significant reward to boost sales and get a team back on track. These changes keep a sales force motivated and alert, and can make an ICM plan a great success.
