The sales compensation plan is the most important part of your recruiting strategy. It’s what will attract top talent to your company and keep them there.
If you want to hire top sales talent, you need a competitive compensation plan that attracts the best candidates in the industry. You also need a plan that motivates those employees to perform at their highest level every day. If they don’t feel like they are being fairly compensated for their work, then it won’t matter how much money you offer them upfront — they won’t stay long enough for it to make any difference anyway!
Here are some tips on how to create an attractive compensation package:
Make sure your base salary is competitive with the industry average. If you’re paying below market, then you need to make up for it in other ways.
Offer a bonus structure that rewards employees for hitting their goals and achieving success for the company. This will help motivate them to work harder and achieve more than they would if they were just being paid a flat rate every month. It also helps keep them motivated when times are tough — because even though sales may be down, they still have an opportunity to earn extra money through bonuses! And who doesn’t like earning extra money? :)
Consider offering perks like company-paid cell phones or laptops so they can be accessible at all times when clients call them on the road or send emails while travelling for business purposes. This will help keep them connected with their customers even when they aren’t physically present in the office! It also helps build loyalty between employee and employer because it shows that you care about their well-being outside of work as well as inside of work! :)
Consider offering a flexible work schedule so they can spend more time with their families or pursue other interests outside of work. This will help them feel like you care about them as people, not just employees — and it will also help keep them motivated to do well at work because they know that if they perform well, then the company is willing to give back in return!
Offer training opportunities for your sales team so that they can learn new skills and improve upon existing ones. This helps keep them engaged in their jobs and gives them something to look forward to every day when they come into the office! It also shows that you value their development as individuals, which makes it easier for employees to trust management’s decisions (even when those decisions are difficult).
Make sure your compensation plan is easy-to-understand by everyone involved: from top management down through individual sales reps on the front lines of customer service. If there are too many variables or too much confusion surrounding how paychecks are calculated each month, then no one will be happy with what comes out at the end of the day! :)
Make sure your compensation plan is flexible enough to accommodate the needs of each individual employee. If you have a sales rep who has been with the company for 10 years, then it doesn’t make sense to pay him or her the same as someone who just started last week!
Consider offering benefits like health insurance and retirement plans so that employees can feel secure in their jobs and know that they are being taken care of by the management (even if they don’t always get along with their boss!). This will help them trust you more — which makes it easier for them to work hard on behalf of your company! :)
With Elevate, you can plan, design & manage both commission plans as well as quota-based plans with the utmost ease.
Elevate aspires to bring transparency in sales compensation. Sales reps can view all details regarding their commissions’ payout, quota attainment & revenue goals. Leaders can track the performance of every team member, manage product-based & territory-based revenue targets.