You can’t have a company without sales. It’s why businesses with top sales talent thrive.
But what can you do to motivate your new sales reps, the very people who bring you business, customers, and profit?
Having an effective and competitive compensation plan is key for retaining top sales talent. Your employees feel valued, making them more likely to work harder and stay longer.
According to research from Boston Consulting Group, the happiest employees are the ones who feel appreciated. And when you offer competitive sales compensation plans, you show your appreciation.
In this guide, I’ll discuss sales compensation plans in more detail and how you can improve them for better results.
Let’s get started.
What Do We Mean By Sales Compensation Plans?
A sales compensation plan is an outline of how you’re going to pay sales reps for their contribution to your business. Think of it as a strategy that can drive your sales team’s performance and boost your revenue.
It includes every little detail related to a sales rep’s earnings—their base salary, variable pay, commission, and any other incentives or benefits they might be eligible for.
The main purpose here is to motivate the sales team and encourage positive behavior while simultaneously setting compensation expectations and standards.
4 Tools to Improve Sales Compensation Plans
Your sales compensation plans play a vital role when it comes to de… Read More