All roundtables take place April 14, 2008 11:30 a.m. - 1:00 p.m.
Sales Compensation Philosophy Development: It Really is Worthwhile
Dennis Spahr, Vice President -Sales Effectiveness Practice, Sibson Consulting
Regardless of an organization’s size or industry, sales compensation design begins with a clear statement of the company’s sales compensation philosophy. Far too often, sales organizations rush through the sales compensation design without taking the time to think through the company’s values and goals for the sales compensation plan. This session will help you make the sales compensation philosophy the foundation for a successful sales compensation plan rather than a document collecting dust on a shelf. During this interactive session, attendees will examine:
what components should be included in a sales compensation philosophy
who should be involved in developing a sales compensation philosophy and the process involved in developing that philosophy
successful (and not so successful) sales compensation philosophies
Paying Your Salespeople Right: Throw Away Your Market Data
Market pay data plays an important role in determining the correct rate of pay for most jobs. But sales jobs are unique; their contribution to the top/bottom line can usually be quantified. A well-designed incentive plan can capture the contribution of the salesperson and pay them accordingly—without regard for market pay considerations. Attendees will discuss:
the difference between a Cost of Labor approach and a Cost of Sales approach, and when to apply each one
how to design self-funding sales incentive plans that will motivate reps with uncapped incentives tied to the factors that they have the most control over
how to reward both individual and team performance in a single integrated plan
Getting a Seat at the Sales Compensation Design Table
Ted Briggs, National Thought Leader-Sales Effectiveness & Compensation, Watson Wyatt Worldwide Tom Tice, Senior Consultant-Sales Effectiveness & Compensation, Watson Wyatt Worldwide
To participate and have impact in the sales compensation design process in your company, you need the appropriate role, reputation, and value added resources, but even that may not be enough. In this guided round-table discussion, the leaders will provide helpful guidelines and examples of how you can better prepare yourself to contribute to your company’s efforts and solutions in this process. Participants will:
share their challenges with the sales compensation design process
discuss helpful practices to get and keep that voice and seat at the design table
learn how their peers more effectively prepared themselves to contribute to the design process
