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Iconixx Insights BlogIncentive Compensation Management

Use incentive compensation software to define clear objectives

By August 5, 2013January 16th, 2023No Comments

Every employee needs guidance from their supervisors. Words of encouragement and feedback are effective, of course, but if a company is really looking to move forward, it is important to set clear goals and objectives for workers each and every day. One of the most effective ways to establish company and employee targets is to use incentive compensation software. Keep reading to find out how a supervisor can use software to give employees direction:

Personalized tracking
With incentive compensation software, every salesperson will have access to their sales numbers and history, giving them insight into their performance. A VP of sales can clearly define how many units of a product an employee must sell in a designate time period or by a certain date, and the salesperson will be able to track their performance on a daily, weekly and monthly basis,allowing them to see how their behavior gets them closer or further from their reward.

Each day, a salesperson will be able to sign into their account and see the distance to their goal – a clear depiction of the amount of work they will need to do before they earn a bonus, merit increase, gift card or day off.

What-if scenarios
Incentive compensation software also offers a powerful tool that can help motivate workers toward a clearly defined goal: What-If Calculators. An employee can use this program to play out different scenarios that would propel them toward their sales objectives.

A salesperson can use the software, for example, to see how many units per day they would have to sell to reach their sales goal by the end of the week, or before they leave for vacation. This way, individuals will not only have a clear set of expectations in front of them, they will also be able to customize a plan to move forward with their sales plans.

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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.