Have you been creative enough in developing a compensation plan for your sales department? Setting the right goals and linking compensation to achieving them can motivate your existing team members
Category: Compensation and Incentives for Managers
Did you know the average sales manager hopes to grow revenue by 6% this year? And, about 57% of sales managers believe they can make their goal in 2019.
Are you worried that your top sales rep is seeking greener pastures? Earlier this year, a report from TinyPulse revealed that over 40% of employees would leave their current positions for a pay boost of 10%.
You've worked hard and earned that promotion to management or even the C‑Suite — and with it, increased your income. KT Thomas is the founder of New Day Solutions, a financial advisory firm and author of The Hard Working Woman’s Guide to Money. In this episode, we discuss: why women are more in need of financial advising assistance and overall financial education; the #1 and first mistake female leaders make when they come into wealth and money; and how to evaluate financial packages when considering career progression and earnings.
Has it been a while since you updated your incentive system? Or maybe some of your reps seem a little less excited about what they’re doing these days.
Managers count on team members to be productive every day. And to ensure commitment to the work, organizations create incentives based on compensation and bonuses. Determining how big bonuses should be can get complicated and expensive for organizations.
In today’s tight labor market, you could spend a fortune trying to lure the kind of talent you need to succeed. If the thought of sky-high salaries is keeping you up at night and crimping your profitability, consider an alternate strategy.
Anthony Iannarino is an international speaker, bestselling author, sales leader, and entrepreneur. He is the author of “Eat Their Lunch — Winning Customers Away From Your Competition," "The Lost Art of Closing" and "The Only Sales Guide You'll Ever Need." He blogs frequently on thesalesblog.com and hosts his own podcast called In the Arena. In this episode, we discuss: Managing so you can win new business away from competitors; The 4 Levels of Value Creation; and how discovery with team members can help them find new routes to closing sales.
Managers are always looking for ways to motivate team members and make work more fun. The concept of a relative incentive might sound appealing.
You’re under a tight deadline. The problem is, your team has already been working overtime for months. Is there a good way to motivate them to improve productivity?
Your team members care about culture and meaningful work, but they also care about their pay rates. The latest research shows, it’s not so much about what they’re getting paid, but about how they stack up gender-wise.
To make a splash in the marketplace, businesses will often establish a compensation system that rewards salespeople to take huge risks in exchange for the chance to earn huge sums. Research published in Kellogg Insight also associates these kinds of compensation models with the recent near collapse of our financial systems.