This topic is one most companies struggle with a lot. It’s all about balancing plans that motivate team members and are feasible, while also managing the financial implications of those compensation incentives. It’s often a highly overlooked topic until it becomes an issue.
Power of Feedback
Getting feedback from your stakeholders on what has worked well. These may include field staff, finance teams, sales leaders, CRO, CGO, and sales compensation team members. Sometimes your CEO may want to speak into this topic as well. Talk to these teams to get feedback about what’s worked well and what hasn’t to improve compensation plans moving forward.
*Questions to ask:
Variables on Compensation Plans
While you can try to stay simple or get complicated, I typically like to have two variables involved maximum; one variable is ideal if you can. These are often around new logo and expansion or retention. There are a lot of ways to achieve your goals while minimizing your variables. You can’t solve for it all, so focus on the main pieces to avoid over-complication.
Listen to hear more about sales compensation planning as it relates to fiscal year planning!
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