The key to retaining top sales talent is offering competitive and effective sales compensation plans and commissions. Employees who feel valued are likely to stay with the company longer and work harder, saving your business time and money by reducing employee turnover.
However, effective sales compensation requires finding the right balance between budget and retention. To empower your sales force, you will need a compensation plan that focuses on salary and non-financial workplace benefits to help them grow and improve.
Whether you have an existing sales compensation strategy that needs to be refined or you are looking to create an entirely new strategy, Smart HR can help organizations of all sizes to set compensation and reward levels that are financially sustainable for your business while effectively encouraging your sales representatives to reach their goals.
Our Sales Compensation Plans Services
Our sophisticated sales compensation plan analysis and design services will help you get the most out of your sales team and keep motivation high.
The sales compensation experts at Smart HR will:
- Carry out a detailed assessment of your current sales team’s structure to gain a clear understanding of each team member’s roles and responsibilities
- Review your company’s sales goals and behaviors
- Examine the revenue your salespeople are currently bringing in
- Analyze your current sales incentive budget to keep costs under control
- Research the current market from an industry and geographic standpoint, determining what your main competitors are paying their representatives
- Assess your current plan, if applicable, studying factors including:
- Levels of compensation currently offered to sales representatives
- The logic behind the current plan
- Past and current client concerns and issues raised by sales representatives
- Gaps in the present sales compensation plan
- Create an in-depth report with recommendations for improved compensation plans, with supporting market data and information on best practices
- Base pay
- Bonuses
- Merit pay
- Opportunities for promotion
- Paid Time Off
- Career Development Opportunities
- Health and Wellness Benefits
- Retirement Benefits
- Other Benefits
We can also perform total rewards assessments to ensure your overall compensation strategy is as competitive as possible. We’ll look at the following components, comparing them to market data to spot inequities and make recommendations for improvement:
Benefits of Smart HR’s Sales Compensation Plan Services
Here’s how our services can benefit your business.
Get Results Faster
Entrusting your sales compensation plan analysis and design to professionals allows you to accelerate the traditional sales compensation process so you can see results sooner.
Motivate Your Sales Team
We’ll create plans that inspire your sales representatives to reach their goals the right way.
Reduce Confusion
Our HR experts will help you clearly communicate your compensation plan to sales teams to reduce confusion and uncertainty.
Strike The Right Balance
We will help you find the right balance between motivating sales representatives’ personal success and the success of the team overall.
Reach Out To The Human Resources Compensation Team
Smart HR’s employee compensation plans services can help your company gain a competitive edge and keep top talent satisfied and performing optimally. Call us today at (703) 972-1272 to learn more about our human resources services.
