There are obvious benefits that you can reap from the better incentives. There are other bonuses like more profitability, less staff turnover and improved team performance.
Below is a list of top 5 benefits of using an incentive compensation management tool:
Increase Sales: The best benefit of using the tool is that it can help you boost your bottom line through improved sales and productivity. It will also help you have better customer satisfaction which in turn means more repeat business from existing customers as well as new ones. This should be the first priority for any company who wants to grow and for this, incentives are a great way to go about achieving it.
Better Communication between Company & Employees: Another major advantage of incentive compensation management tool is improving communication with employees thus making them feel valued by their employers. When employees know they are getting rewarded on how much they sell or how many leads they make, there’s no reason why they shouldn’t give their 100% best when doing what has been tasked to them by their superiors at work. Good team performance results in increased ROI which then translates into more profits for the company itself!
Improved Team Performance: Having one platform where all members of a particular department can easily access info related to commissions earned/lost will encourage everyone in that department so work harder together towards achieving specific goals set forth by your organization’s top management officials without unnecessary conflicts arising due lack of information exchange among its members regarding project outcomes and tasks performed personally by each individual member within the said department(s). Getting rid of excel spreadsheets would definitely make things easier for both parties involved!
Less Staff Turnover: One of the most important goals for any employer is to have a loyal and committed workforce because it helps create a positive working environment thus boosting productivity, profitability and other business parameters like customer satisfaction which are all geared towards letting your company survive during this competitive business environment. Giving incentives to employees will definitely help you achieve that since there’s no better way to keep employees in good spirits than giving them rewards based on their performance at work! It’s hard not to have people stay with you if they feel appreciated for what they do every day!
Less Productivity Loss: A good incentive compensation management tool will also help you save time and money since there’s no longer need for manual work hence it cuts down on potential errors due to human error or data entry while helping employees avoid wasting time in computation, analysis and other tasks. The software can do all this automatically thus eliminating the need for people to spend extra time doing repetitive tasks which they could use elsewhere such as attending a meeting with clients instead!!
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.