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Managing Sales Compensation Across The Economic Cycle
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Book Synopsis Managing Sales Compensation Across the Economic Cycle by : Pankaj M. Madhani
Download or read book Managing Sales Compensation Across the Economic Cycle written by Pankaj M. Madhani and published by . This book was released on 2017 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sales organizations need to closely scrutinize the role of their sales force and its overall compensation costs. If organizations adapt to the changing internal and external environment, they are likely to be more successful and profitable. The sales force compensation plan should be compatible with the changing nature of the job, depending on stages of economic cycle. The economic life cycle stages are likely to be a key determinant of sales compensation strategies and their effectiveness in achieving organizational goals. Sales organizations must design a compensation strategy based on sales efforts and market dynamics according to economic cycle. Sales organizations must reassess their sales force structure and associated compensation plan across the economic cycle. This article illustrates economic as well as a non-economic analysis for optimal choice between direct sales reps and independent reps. Various frameworks provided in this article will help managers of sales organizations in effectively managing compensation costs across the economic cycle.
Book Synopsis Managing Sales Compensation by : Pankaj M. Madhani
Download or read book Managing Sales Compensation written by Pankaj M. Madhani and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A well designed pay structure can be used as a powerful tool for encouraging employees to achieve goals set by the management. Monetary rewards include base pay compensation (or fixed pay) and incentive compensation (or variable pay). Each element of the compensation decision encourages and discourages certain behaviors. The principal advantage of variable pay plans is to make a direct link between effort exerted and the reward. Organizations have considerable discretion in choosing compensation strategies. The wide variety of pay structure designs in use suggests that there is as yet no agreement as to 'one best approach' or 'one size fits all' to pay structure design. The compensation plan with the right pay mix of fixed pay and variable pay will encourage employees to directly support the organization's objectives. Pay structure is a function of the organization in which the pay plan is designed and the environment in which that organization operates. The choice of fixed and variable pay in pay structure is influenced by diverse micro and macro factors such as the business life cycle, organizational life cycle, product life cycle and the career life cycle of employees. Sales organizations must review and update sales force compensation strategies based on the business life cycle, organizational life cycle, product life cycle and career life cycle.
Book Synopsis Managing Sales Force Compensation by : Pankaj M. Madhani
Download or read book Managing Sales Force Compensation written by Pankaj M. Madhani and published by . This book was released on 2014 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sales force compensation is influenced by various factors of development and change occurring at the individual, product, organizational and environmental levels. Companies that adapt to changing circumstances are likely to be more successful. The sales compensation strategy should be realigned according to changes in those factors. When they are viewed from the life cycle perspective, it gives rise to career life cycle of sales employees, product life cycle, organizational life cycle and business life cycle. Compensation practices are being increasingly planned and managed in response to changing circumstances. Whereas in the past researchers focused almost exclusively on how changes in compensation practices affect employee performance or satisfaction, researchers are now beginnings to ask how organizational as well as environmental conditions shape compensation practices. This article discusses several factors affecting the design of sales compensation systems and proposes a life cycle and a business value-added framework for strategic compensation planning.
Book Synopsis A Practical Approach to Sales Compensation by : Doug J. Chung
Download or read book A Practical Approach to Sales Compensation written by Doug J. Chung and published by . This book was released on 2020-06-04 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Practical Approach to Sales Compensation takes readers through the evolution of academic research on sales compensation. By examining the relevance of existing research, it provides practical guidance on the design of an effective compensation system. Furthermore, the monograph discusses how recent technological advances in artificial intelligence (AI) and machine learning (ML) shape sales strategy transformation and, thus, sales compensation systems of the future. After an introduction, Section 2 illustrates a practical outline for designing a sales compensation system and the associated dilemma that organizations often face. Section 3 examines the theoretical foundations of effective sales compensation structures and their validity--in particular, application of the principal-agent theory, which derives optimal compensation systems under the presence of agents' moral hazard. Section 4 addresses recent developments in field research: randomized field experiments jointly conducted by academics and organizations as well as structural econometric methods using micro-level performance and compensation data. Section 5 illustrates how advances in technology affect organizations' sales strategies and, thus, the challenges and opportunities in utilizing compensation structure to motivate salespeople.
Book Synopsis Rebalancing Fixed and Variable Pay in a Sales Organization by : Pankaj M. Madhani
Download or read book Rebalancing Fixed and Variable Pay in a Sales Organization written by Pankaj M. Madhani and published by . This book was released on 2014 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The business cycle has a significant impact on the revenue and profitability of sales organizations and directly influences sales compensation costs. Operating leverage is a key variable affecting business performance during different stages of business cycle. Rebalancing fixed and variable pay in the compensation structure helps organizations in the effective management of operating leverage in business cycle stages. This article provides a framework for properly designing pay structure and determining how much pay should be fixed or variable, according to different stages of business cycle. It also explains the relationship between job challenges and compensation structures. By synchronizing sales force compensation structure with the business cycle, organizations can design optimal compensation strategies.
Book Synopsis The Complete Guide to Sales Force Incentive Compensation by : Andris A. Zoltners
Download or read book The Complete Guide to Sales Force Incentive Compensation written by Andris A. Zoltners and published by Amacom Books. This book was released on 2006 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designing an incentive plan to turn sales reps into sales superstars! If you're like most sales leaders, your incentive program is a constant challenge, as you try to jumpstart sales, energize a geographically dispersed and autonomous workforce, and motivate salespeople to achieve ambitious revenue goals. And sometimes it seems like you just don't know what works; your products and markets are changing, the incentive program that was so successful last year no longer produces the desired results, or perhaps the generous incentive program you created has yielded a corps of highly paid salespeople who spend most of their time on existing clients and minimal time generating new business -- and threaten to walk away with your customer base if you scale back paychecks! Incentive programs are seductively powerful but complicated instruments. Without careful planning and implementation, they can be too stingy to motivate, too complex to understand, too quick to reward mediocre results, and too difficult to implement. But a well-designed and implemented incentive program is an essential tool for building a motivated, highly effective sales force that delivers the results you need. The Complete Guide to Sales Force Incentive Compensation is a practical, accessible, detailed roadmap to building a compensation system that gets it right by creating motivating incentives that produce positive outcomes. Packed with hundreds of real-life examples of what works and what doesn't, this important guide helps you: Understand the value of building an incentive plan that is aligned with your company's goals and culture. Avoid the common trap of overusing incentives to solve too many sales management problems. Measure the effectiveness of your current incentive program, employing easy-to-use tools and metrics for pinpointing its weak spots. Design a compensation plan that attracts and retains successful salespeople, including guidelines for determining the correct pay level, the best salary incentive mix, the proper performance measures, and the right performance payout relationship. Select an incentive compensation plan that works for your organization -- then test the plan before it is launched. Set territory-level goals that are fair and realistic, and avoid overpaying the sales force because goals are too easy, or demoralizing salespeople by having goals that are too difficult or not fairly assigned. Create and manage sales contests, SPIFFs (Special Performance Incentive for Field Force), and recognition programs that consistently deliver the intended results. Manage a successful transition to a new compensation plan and build efficient administration systems to support your plan. Every year, corporations spend $200 billion compensating their sales forces, with extremely mixed results. Make sure every dollar you spend is helping to achieve your goal of creating an empowered, effective sales force that drives your company's success. Packed with ready-to-use formulas and assessment tools and a wealth of insights from frontline sales managers and executives, The Complete Guide to Sales Force Incentive Compensation is your hands-on, easy-to-read playbook for crucially important decisions.
Book Synopsis Economic Cycle and Effective Compensation Management by : Pankaj M. Madhani
Download or read book Economic Cycle and Effective Compensation Management written by Pankaj M. Madhani and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Various phases of economic cycle are characterized by changes in the dynamics of the economy. In particular, expansion phases are periods when economic activity tends to trend up such as recovery and growth period, whereas recession phases are periods when economic activity tends to trend down such as period of recession and slump. Understanding these phases has been the focus of management researchers to mitigate negative impacts of business cycle on the organizations. Realigning fixed and variable pay in the pay structure helps organizations in maintaining proper leverage ratio for mitigating adverse impact of recession on profitability and survival of the organization. This article provides a compensation management framework for properly designing pay structure, and explains with the empirical analysis fixed and variable pay relationship, and effective management of operating leverage during different stages of economic cycle for effective compensation management in the organizations.
Book Synopsis Dynamics of Sales Compensation Systems for Complex Sales in the Semiconductor Industry by : Heath Allen Marvin
Download or read book Dynamics of Sales Compensation Systems for Complex Sales in the Semiconductor Industry written by Heath Allen Marvin and published by . This book was released on 2016 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: The semiconductor industry has entered a new phase where growth is in line with the rest of the economy. This change from rapid growth to average growth is forcing changes in how business is done across the industry. One area that can be inspected is incentivization and compensation of companies' sales forces. While the state of the practice in the industry is to pay commissions on sales made, research indicates that the semiconductor sales process may be more effective without commissions. This thesis uses System Dynamics modeling and simulation techniques to analyze the differences that result from different types of incentive plans for salespeople in order to test the robustness of a non-commissioned model against the more traditional commissioned model. The results show which incentive approach is more robust in the new economy. The modeling of these different incentive approaches shows that a non-commissioned sales force is superior in every scenario. While a commissioned sales force can drive growth, the sales force is less effective when paid commissions so price advantage must be used as a lever to drive sales to the level that a non-commissioned sales force can achieve. In growth, recession, and stability, a non-commissioned sales force is shown to be more effective when selling a complex product in a complex industry.
Book Synopsis Your Sales Management Guru's Guide To by : Ken Thoreson
Download or read book Your Sales Management Guru's Guide To written by Ken Thoreson and published by . This book was released on 2011-08 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Compensating the Sales Force, Third Edition: A Practical Guide to Designing Winning Sales Reward Programs by : David J. Cichelli
Download or read book Compensating the Sales Force, Third Edition: A Practical Guide to Designing Winning Sales Reward Programs written by David J. Cichelli and published by McGraw Hill Professional. This book was released on 2017-11-24 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leverage the full power of your sales force with a cutting-edge compensation program Salespeople are motivated by many things—and how they’re paid tops the list. Sales compensation is one of the best tools for motivating any sales force and thus maximizing business revenue. Do you have strategically aligned sales compensation plans or are your pay plans holding back your sales force? Compensating the Sales Force has helped thousands of business leaders worldwide create sales compensation programs that drive sales performance, increase revenue, and trigger business growth. Now, this new edition brings you fully up to date with new approaches for a business landscape where product/solution objectives and customer needs are in constant in flux. Sales guru David Cichelli provides everything you need to build an incentive plan that delivers real financial results. He takes you step-by-step through the process of setting target pay, selecting the right performance measures, and establishing quotas. You’ll learn everything there is to know about: •Why job content drives sales compensation design •Methods for calculating formulas for payout purposes •The roles of quota allocation, sales crediting, and account assignment •Compensating a complex sales organization and global sales teams •Administering, monitoring, and measuring the effectiveness of the program An indispensable resource for anyone involved in sales compensation—from CEOs and sales managers to HR personnel to IT professionals—Compensating the Sales Force provides all the tools you need to design and implement a sales compensation plan that increases profits―and drives the sales team to exceed sales targets.
Book Synopsis Compensating the Sales Force: A Practical Guide to Designing Winning Sales Reward Programs, Second Edition by : David J. Cichelli
Download or read book Compensating the Sales Force: A Practical Guide to Designing Winning Sales Reward Programs, Second Edition written by David J. Cichelli and published by McGraw Hill Professional. This book was released on 2010-07-16 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic guide to raising your bottom line with the perfect compensation strategy—fully revised and updated! Sales compensation WORKS! Nothing motivates a sales force better than a powerful compensation program. And when your salespeople are motivated, revenue soars. But how do you design a program ideally suited for your business strategy and organizational needs? It’s a delicate balance that makes all the difference between profit and loss. More and more sales leaders have turned to Compensating the Sales Force to help them discover problems in their present system and create a compensation program that works best for their needs. Now, in the second edition of this authoritative, jargon-free handbook, sales compensation guru David J. Cichelli brings you completely up to date on setting target pay, selecting the right performance measures, and establishing quotas. He supplies clear guidelines for building the right compensation plan for any type of firm, of any size, in any industry, and he offers step-by-step procedures for implementing each approach. In Compensating the Sales Force, second edition, Cichelli has substantially expanded the book’s popular formula section, and he provides brandnew examples of: Income producer plans Sales rep commission plans Bonus plans Incentive plans Base Salary management plans The book also includes all-new chapters for global, complex sales organizations and hard-to-compensate sales jobs. Using the lessons in Compensating the Sales Force, you’ll construct and calculate accurate formulas for payout purposes and establish highly efficient support programs, such as sales crediting and account assignment. Complete with dozens of real-world examples that illustrate important points and demonstrate specific techniques and procedures, Compensating the Sales Force provides all the tools you need to design and implement a sales compensation plan that maximizes profits—and keeps them climbing. With brand-new chapters on GLOBAL SALES TEAMS amd COMPLEX SALES ORGANIZATIONS! Praise for the first edition of Compensating the Sales Force: “If your company is refocusing its efforts on sales revenue enhancement, you must read this book. If you want motivated salespeople and superior sales results, act on its content.” Noel Capon, R. C. Kopf Professor of International Marketing, Chair of Marketing Division, Graduate School of Business, Columbia University “This book provides great guidance for any business leader who wants to capitalize on sales compensation as a tool for driving business results.” Rick Justice, Executive Vice President, Worldwide Operations and Business Development, Cisco Systems “Dave Cichelli is the premiere sales compensation educator today. You will immediately find this work informative, helpful, [and] thought-provoking.” Mark Englizian, former Director of Global Compensation, Microsoft Corporation
Book Synopsis Paying for Performance by : Peter T. Chingos
Download or read book Paying for Performance written by Peter T. Chingos and published by John Wiley & Sons. This book was released on 2002-10-15 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: An up-to-date, revised edition of the complete, practical guide to designing and implementing effective compensation plans A compensation package should be more than just the means to attract and retain talented executives. The right kind of plan can give your company a powerful strategic advantage. In Paying for Performance, Second Edition, consultants at Mercer Human Resource Consulting, Inc., one of the world's leading human resources consulting firms, give you the tools and techniques you need to design and implement a highly effective compensation program that will sharpen your company's competitive edge for years to come. The book also shows you how to understand shareholder expectations, government regulation, and a host of business and human resources issues. Paying for Performance, Second Edition: * Describes best practices used at America's top-performing companies * Offers proven pay-for-performance tools for addressing current and future pay issues * Uses case studies drawn from extensive Mercer Human Resource Consulting, Inc. research * Addresses the special issues affecting pay-for-performance in not-for-profits * Presents expert advice on managing talent and competencies to maximize performance * Addresses the regulatory issues that affect executive compensation * Covers everything from base pay to annual and long-term compensation
Book Synopsis What Your CEO Needs to Know About Sales Compensation by : Mark Donnolo
Download or read book What Your CEO Needs to Know About Sales Compensation written by Mark Donnolo and published by AMACOM. This book was released on 2013-01-15 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mark Donnolo applies years of firsthand knowledge as a leading sales consultant for Fortune 500 companies to address the tough questions leaders should be asking. Featuring real lessons from the field and valuable thought models, What Your CEO Needs to Know About Sales Compensation enlightens you about how miscomprehension at the higher levels leads to fundamental misalignments between sales strategy and organizational goals. Insights from C-level executives showcase that the way a company designs its sales compensation program has a greater impact on behavior and results than any sales training, sales management method, or leadership message. Most tangibly, the book’s expert Revenue Roadmap identifies the four major competency areas and sixteen related disciplines that must connect for an organization to grow profitably: Insight Sales Strategy Customer Coverage Enablement By striking a happy balance between overcompensation and under compensation, your sales plan will gain the momentum needed to power the performance of the entire business.
Download or read book Pay for Results written by Mercer, LLC and published by John Wiley & Sons. This book was released on 2009-03-17 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The numerous incentive approaches and combinations and their implications can be dizzying even to the compensation professional. Pay for Results provides a road map for developing and implementing executive incentives that drive business needs and strategy. It is filled with specific analytic tools, including tables, exhibits, forms, checklists. In addition, it uncovers myths in performance measurement strategy and design. Timely and thorough, this book expertly shows businesses how to drive their specific needs and strategy. Human resources and compensation officers will discover how to apply performance metrics that align with shareholder investment.
Book Synopsis Compensating the Sales Force: A Practical Guide to Designing Winning Sales Compensation Plans by : David J. Cichelli
Download or read book Compensating the Sales Force: A Practical Guide to Designing Winning Sales Compensation Plans written by David J. Cichelli and published by McGraw Hill Professional. This book was released on 2003-09-22 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compensating the Sales Force is a uniquely jargon-free, how-to guide to all major sales compensation concepts and formulas. Using real-world examples, guru David J. Cichelli: Helps readers select the right compensation strategy for their firm Provides step-by-step guidance to implementing various approaches Simplifies the mathematical formulas that are a thorn in most manager's side
Book Synopsis Compensating New Sales Roles by : Jerome A. Colletti
Download or read book Compensating New Sales Roles written by Jerome A. Colletti and published by AMACOM Div American Mgmt Assn. This book was released on 2001 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now updated to cover the online selling arena--the most comprehensive guide to building an innovative sales compensation plan.
Download or read book Sales Compensation written by and published by . This book was released on 1993 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
