There are a number of methods that firms can use to try and get their personnel engaged and motivated. These techniques often employ coaching and gamification strategies, working in aspects of the job that can be turned into training and growth opportunities rather than simply seen as everyday tasks. At the same time, businesses can add quantifiable value to each of these aspects, showing staff members exactly what their time is worth, depending on how profitable certain actions are for the organization.
Creating targeted incentives
Balancing these factors requires that firms take control of their sales incentive compensation strategies, guiding personnel toward more attainable targets and still offering rewards that encourage them to strive for greater levels of excellence. There are a variety of emerging trends in compensation management, but some of the most popular are the tried and true methods that have been in play for years. These solutions allow organizations to easily familiarize all their personnel with various guidelines regarding their payroll execution and performance monitoring.
As The Globe and Mail stated, a study by the Association of National Advertisers showed that a majority of entities prefer using legacy solutions like value-based compensation and sales commissions. These methods are being expanded to reward entire teams and departments based on the effort of the whole unit. The source wrote that the scope of these award strategies are growing in such a way that soon the entire payment forecast for individuals will be based entirely on a percentage of the total revenue their work units are responsible for generating during a set period of time.
Learning from the past
It's important for firms to understand though that there are some aspects of legacy solutions that don't work for everyone or every business case. Old strategies need to be reviewed and revamped on a regular basis to ensure that they are still relevant to modern corporate culture and goals.
According to MDM Online, many organizations regularly fall victim to using outdated methods of interaction and sales incentive compensation because they are familiar with these practices. The source stated that the flaws of a decade ago are still present in many corporate incentive plans, making it difficult for corporations to keep their sales people happy and engaged. Integrating more analytics and social feedback channels into employee talent monitoring could help leaders isolate the problems within compensation strategies.