Bonus compensation management can be a challenging task for many sales managers and human resources professionals. Not only are salary discussions an often sensitive topic in the business world, the ability to make smart decisions about merit increases requires access to high-quality performance analytics.
Houston Chronicle said a proper metrics system for measuring employee performance is necessary in creating a fair and reasonable incentive compensation system in the workplace. Here are two additional tips for improving the sales analytics process:
Measure social media use
According to Business Bee, an online resource for sales and marketing professionals, measuring sales performance doesn’t have to be limited to traditional metrics. For example, employees who use websites such as LinkedIn and Twitter to find potential customers often report higher sales numbers than those who don’t. The ability to incorporate the addition of new lead generation techniques into the analytics process can make it easier for managers to make incentive compensation decisions.
Enhance productivity data with efficiency metrics
The use of sales compensation software can also increase the quality of traditional performance measurements. Houston Chronicle said businesses can measure efficiency to enhance productivity data and better keep track of how individual employees are completing the sales workflow.
