Course Overview
This
intermediate-level, two-day course presents fundamental steps in designing
and implementing a new or revised sales compensation plan tailored to a
company’s business strategy and its selling roles. Emphasis is placed on the
special terminology and issues that make creating these designs unique from
other incentive plans. Participants are presented with several design
options and related information to assess which ones are appropriate to the
company’s particular situation. Further, recognizing that a well-executed
rollout of the new plan is critical to its success, participants are
introduced to the critical factors of implementation, including financial
testing of the proposed plan, its communication to the employees, and the
assessment of its operation over time. On the third morning, an optional
certification exam covers the content of this course.
Who Should Attend
The course
is designed for compensation professionals and sales administration
personnel who are relatively new to the field of sales compensation, and who
are involved in designing, implementing and administering sales.
What You Will Learn
Sales Compensation
Terms and Definitions
- The total rewards
model
- The purposes of
sales compensation
- Uniqueness of sales
compensation
- Key sales
compensation terms
- Incentive payment
methods
Influences on Sales
Compensation Design
- Drivers of sales
compensation design
- Go-to-market
strategy
- Sales channels
- Direct sales
channel
- Indirect sales
channel
Design Components
- Eligibility
- Target cash
compensation
- Pay mix
- Calculation methods
- Performance
measures
- Performance and
payout arrangements
Plan Refinement and
Testing
- Calculating
formulas
- Quotas
- Testing through
financial modeling
- Special
considerations
Plan Implementation
- Plan terms and
conditions
- Plan qualifiers
- Employee
administration
- Integration with
other programs
- Handling plan
changes
- Employee
communications
- Tracking and
payment administration
Assessing Plan
Effectiveness
- Plan evaluation
- Failing plans
- Assessing the plan
- Sample analyses
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