Learn how 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. But a poorly designed plan invites disengagement, turnover, and legal risk. And one size does not fit all: what works for one company can be disastrous for another. This course 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 webinar will take you through it.
Learning Objectives
- You will be able to explain how sales compensation differs from other forms of compensation.
- You will be able to describe the process for designing a sales compensation plan.
- You will be able to define key elements of sales compensation design methodology and terminology.
- You will be able to discuss the pros and cons of alternative sales compensation approaches to various situations.
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
- Setting Sales Crediting Rules
- Timing of Measurement and Payment
Documenting and Communicating the Plan
- The Plan Document
- Communication Strategy and Tactics
- Communication Document
Speakers
Elliot Scott,
Elliot Scott Consulting LLCOwner 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 escott@escottco.com
Who Should Attend
This live webinar is designed for payroll and compensation administrators, human resource managers, benefit professionals, business owners and managers, CFOs, and controllers.
