Learn the right approach to take when designing your compensation plan and make sure your sales compensation plan is rewarding the right behaviors.
An effective sales compensation plan can have an enormous impact on company success. A market competitive and motivational incentive plan that is focused on the right business results will spur your sales team to overcome obstacles and close the sales you need them to. A poorly designed plan invites disengagement, turnover and legal risk. One size does not fit all; what works for one company can be disastrous for another. This topic takes you through the process of designing a sales compensation plan that is right for your company, one that drives your financial and strategic objectives, aligns with the responsibilities of each sales role, and considers key sales dynamics like one-time vs. recurring revenue, sales cycle length, and the volume and frequency of sales. Fortunately, there is established methodology to guide the decisions and this material will take you through it.
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Agenda
Introduction to Sales Compensation
- What Is Sales Compensation?
- How Sales Compensation Is Different From Other Forms of Compensation
- Objectives of Sales Compensation
Designing a Sales Compensation Plan
- Setting Total Target Cash Compensation (TTC)
- Determining the Appropriate Salary Incentive Mix and Upside
- Selecting Performance Measures
- Determining Incentive Form: Commission or Quota-Bonus?
- Calibrating the Incentive Plan
- Payout Curves
- Commission Rates
- Modifiers
- Setting Sales Crediting Rules
- Timing of Measurement and Payment
Documenting and Communicating the Plan
- The Plan Document
- Communication Strategy and Tactics
- Reporting
- Plan Governance
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on April 13, 2021.
Call 1-866-352-9540 for further credit information.
- ASA 1.5
- This program may qualify for 1.5 continuing education hour(s) towards maintaining your ASA credential. Please contact ASA for more information at [email protected]. Please retain proof of attendance in the event your CE record is audited.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Elliot Scott
Elliot Scott Consulting LLC
- Owner of Elliot Scott Consulting LLC, a niche firm focused exclusively on sales effectiveness and sales compensation
- More than 20 years of sales compensation design consulting experience, across industries and across continents
- Prior to starting his own company, he has held senior sales effectiveness and compensation positions at Towers Watson, The Alexander Group, Korn Ferry, and ZS Associates
- Has written articles for Workspan, Synygy magazine, and other publications, and conducted training seminars in the U.S. and overseas
- M.B.A. degree, with honors, University of Chicago; B.A. degree, Dartmouth College
- Can be contacted at 914-582-9093 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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