A desirable compensation plan not only attracts new high performers but also maximizes the efforts of your current sales representatives. To drive higher sales, bigger deals, and employee retention, follow these four tips.
Focus on Fairness
When your reps feel that your expectations are motivating rather than defeating and your goals are achievable with just enough challenge woven in — they’ll be incentivized to grow.
Keep it Clear
Quality compensation planning is simple, consistent, and creates momentum towards company goals. Avoid complexity and don’t make changes too often — complexity only leads to confusion, not closing.
Give Ample Bonus Opportunities
Sales representatives are often money-motivated individuals who appreciate keeping things interesting. Bonus opportunities should be tied directly to sales behavior and results that your representatives can control so their path to success is straightforward.
Lock In Your Base and Liberate Commissions
70% of top-performing salespeople are more satisfied with compensation packages that emphasize base pay. That said, they also want to increase their earnings without limits. In your compensation planning, consider both to give your sales reps security with your company while keeping them hungry for the next sale.
Attract your next hire with a strategic commission plan — and our help. Contact us today.
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