Download or read book Designing Effective Incentive Compensation Plans written by Sal DiFonzo and published by Createspace Independent Publishing Platform. This book was released on 2015-12-15 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on two decades of compensation experience, Sal DiFonzo explores how to transition a firm from a traditional discretionary plan to a contemporary structured incentive compensation plan. The issues in this process can be complex, but DiFonzo simplifies them by taking the reader step-by-step through the rationale behind creating a structured incentive compensation plan, each phase of the creation process, and expert strategies for solving the issues that invariably arise with changes to compensation. While examples are drawn from the design and construction industry, firms from all industries seeking to drive strategy, engage employees and achieve success will find this book to be a valuable guide.

Download or read book The Complete Guide to Sales Force Incentive Compensation written by Andris Zoltners and published by AMACOM. This book was released on 2006-08-07 with total page 511 pages. Available in PDF, EPUB and Kindle. Book excerpt: A well-designed and implemented incentive program is an essential tool for building a motivated, highly effective sales force that delivers the results you need. Incentive programs are seductively powerful but complicated instruments. Without careful planning and implementation, they can be too stingy to motivate, too complex to understand, too quick to reward mediocre results, and too difficult to implement. The Complete Guide to Sales Force Incentive Compensation is a practical, accessible, detailed roadmap to building a compensation system that gets it right by creating motivating incentives that produce positive outcomes. Packed with hundreds of real-life examples of what works and what doesn't, this important guide helps you: Understand the value of building an incentive plan that is aligned with your company's goals and culture. Avoid the common trap of overusing incentives to solve too many sales management problems. Measure the effectiveness of your current incentive program, employing easy-to-use tools and metrics for pinpointing its weak spots. Design a compensation plan that attracts and retains successful salespeople, including guidelines for determining the correct pay level, the best salary incentive mix, the proper performance measures, and the right performance payout relationship. Select an incentive compensation plan that works for your organization -- then test the plan before it is launched. Set territory-level goals that are fair and realistic, and avoid overpaying the sales force or demoralizing salespeople by having difficult goals or not fairly assigned. Create and manage sales contests, SPIFFs (Special Performance Incentive for Field Force), and recognition programs that consistently deliver the intended results. Manage a successful transition to a new compensation plan and build efficient administration systems to support your plan. Filled with ready-to-use formulas and assessment tools and a wealth of insights from frontline sales managers and executives, The Complete Guide to Sales Force Incentive Compensation is your hands-on, easy-to-read playbook for crucially important decisions.

Download or read book The Complete Guide to Sales Force Incentive Compensation written by Andris A. Zoltners and published by Amacom Books. This book was released on 2006 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designing an incentive plan to turn sales reps into sales superstars! If you're like most sales leaders, your incentive program is a constant challenge, as you try to jumpstart sales, energize a geographically dispersed and autonomous workforce, and motivate salespeople to achieve ambitious revenue goals. And sometimes it seems like you just don't know what works; your products and markets are changing, the incentive program that was so successful last year no longer produces the desired results, or perhaps the generous incentive program you created has yielded a corps of highly paid salespeople who spend most of their time on existing clients and minimal time generating new business -- and threaten to walk away with your customer base if you scale back paychecks! Incentive programs are seductively powerful but complicated instruments. Without careful planning and implementation, they can be too stingy to motivate, too complex to understand, too quick to reward mediocre results, and too difficult to implement. But a well-designed and implemented incentive program is an essential tool for building a motivated, highly effective sales force that delivers the results you need. The Complete Guide to Sales Force Incentive Compensation is a practical, accessible, detailed roadmap to building a compensation system that gets it right by creating motivating incentives that produce positive outcomes. Packed with hundreds of real-life examples of what works and what doesn't, this important guide helps you: Understand the value of building an incentive plan that is aligned with your company's goals and culture. Avoid the common trap of overusing incentives to solve too many sales management problems. Measure the effectiveness of your current incentive program, employing easy-to-use tools and metrics for pinpointing its weak spots.  Design a compensation plan that attracts and retains successful salespeople, including guidelines for determining the correct pay level, the best salary incentive mix, the proper performance measures, and the right performance payout relationship. Select an incentive compensation plan that works for your organization -- then test the plan before it is launched. Set territory-level goals that are fair and realistic, and avoid overpaying the sales force because goals are too easy, or demoralizing salespeople by having goals that are too difficult or not fairly assigned. Create and manage sales contests, SPIFFs (Special Performance Incentive for Field Force), and recognition programs that consistently deliver the intended results. Manage a successful transition to a new compensation plan and build efficient administration systems to support your plan. Every year, corporations spend $200 billion compensating their sales forces, with extremely mixed results. Make sure every dollar you spend is helping to achieve your goal of creating an empowered, effective sales force that drives your company's success. Packed with ready-to-use formulas and assessment tools and a wealth of insights from frontline sales managers and executives, The Complete Guide to Sales Force Incentive Compensation is your hands-on, easy-to-read playbook for crucially important decisions.

Download or read book Designing an Effective Incentive Compensation Program for Lenders written by Daniel M. Derges and published by . This book was released on 1992 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Incentive Compensation Strategies for the New Millennium written by Rami R. Loya and published by Incensoft. This book was released on 2000-06 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a practical guide to creating incentive compensation programs to motivate employees, increase productivity and drive the performance of the entire organization to new heights. The book details methods of designing such programs and provides step-by-step instruction on effective implementation & managing of incentive plans.

Download or read book How to Design Effective Incentive Plans written by W. B. Abernathy and published by . This book was released on 1993 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Designing a Sales Compensation Plan How to Create an Effective Incentives Program for Your Sales Force written by Vangelis Sakelliou and published by . This book was released on 2019-01-16 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sales compensation plans are at the heart of sales management. When designed well, an incentives scheme becomes a tool that can be used to manage, nurture, motivate, and guide a sales team. When the scheme works correctly, it helps the sales team to thrive. An effective plan has a dual role: To align the sales activity to the company's objectives and to motivate sales people to perform or even go beyond reaching their targets. Sales is built around objectives. Nothing is left to chance - there are always objectives and targets to be met. These targets give salespeople a clear path to follow. They ensure that each salesperson knows their objectives, and can form a strategy for success. The incentives scheme lets salespeople know what reward they can expect if they reach their targets. It's a motivator - that's its core function.A sales compensation program cannot be designed in a minute. It takes time, resources and skills to make it efficient. Sales management understands that the consequences of a scheme designed improperly are negative and may lead to unfortunate circumstances. This book is helping design teams and sales management to avoid making these mistakes and trying to help them design a system that is effective from the beginning. Many people overlook that the design process involves many different decisions, from considering the sales roles that shall be rewarded and the employees eligible to get incentives for their job and successes to the decision on the target cash compensation for a role, how much of it shall be in variable and how much in fixed salary. The process requires an examination on whether to use a commission or a bonus scheme and why. It also needs to determine what type of goals shall the scheme incentivise and what is the weight for each measure. The book also includes vital information on additional aspects of the program that some people forget to consider such as its administration, operation and communication to the sales force.

Download or read book How to Design and Install Management Incentive Compensation Plans written by Dale A. Arahood and published by . This book was released on 1993 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Compensating New Sales Roles written by Jerome A. Colletti and published by AMACOM Div American Mgmt Assn. This book was released on 2001 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now updated to cover the online selling arena--the most comprehensive guide to building an innovative sales compensation plan.

Download or read book Compensating the Sales Force A Practical Guide to Designing Winning Sales Compensation Plans written by David J. Cichelli and published by McGraw Hill Professional. This book was released on 2003-09-22 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compensating the Sales Force is a uniquely jargon-free, how-to guide to all major sales compensation concepts and formulas. Using real-world examples, guru David J. Cichelli: Helps readers select the right compensation strategy for their firm Provides step-by-step guidance to implementing various approaches Simplifies the mathematical formulas that are a thorn in most manager's side

Download or read book Designing Global Sales Incentive Plans written by Mong Shen Ng and published by . This book was released on 2018-07-27 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Your company has hundreds of patchwork sales incentive plans developed by various business units after decades of mergers & acquisitions. Sales incentive plans for B2C sales is not effective to drive performance for B2B sales, and frequently individual sales quotas are not set properly. As the Global Rewards Director, you are assigned by your CEO to reduce the number of sales incentive plans and align it to corporate strategy. Do you know what to do? The key to designing an effective global sales-compensation framework is to identify performance measures and design principles that can apply globally and yet provide some flexibility for business unit or local customization. This book teaches you step-by-step, the 3D6P approach to design effective global sales incentive plans (Diagnose the root cause of poor sales, Determine change management strategy, Determine eligibility, Pay strategy, Performance measures, Plan mechanics, Payout scenario, Plan documentation & communication, Plan effectiveness). The concepts and examples in this book, works for all companies of all sizes, in all industries. The concept is comprehensive and yet flexible. Companies can choose to use all or parts of the steps to design their sales incentive plan.

Download or read book Designing an Effective Pay for Performance Compensation System written by United States. Merit Systems Protection Board and published by . This book was released on 2006 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Of pay for performance -- Benefits and risks associated with pay for performance -- What are the goals of pay for performance? -- Who should be paid for performance? -- How should employees be rewarded? -- How should performance-based pay be funded? -- How can costs be managed? -- Who provides input to performance ratings? -- How can agencies facilitate pay system integrity?

Download or read book Performance Is Everything written by August J. Aquila and published by John Wiley & Sons. This book was released on 2017-05-15 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compensation is the largest expense that a firm incurs. And yet, few firms really manage it well. The trick is realizing it is more complex than just splitting the pie. The crucial issues of compensation and performance are inextricably linked. In this important resource, experts August Aquila and Coral Rice offer a unique perspective on how you can align your compensation and performance management plans in order to boost performance, maximize profits, and keep both your staff and clients happy. This companion to Aquila and Rice’s successful AICPA publication, Compensation as a Strategic Asset, will pick up where that guide left off, offering readers the “Why, What, and How” for compensation plans filtered through the lens of performance management. The authors convey, in the simplest and clearest terms, how firms can improve overall firm performance by engaging in the following activities: Develop a compelling vision Develop a strategy for what you want to accomplish Have the right systems in place to help achieve the strategy Align individual goals with firm and departmental goals Create an effective performance review system Monitor performance monthly and quarterly for trends Provide higher performers with more rewards than average performers Ultimately, this guide is based on what other firms are doing, and let's you know why it’s working or why it’s not. By guiding you through a process and providing you with the tools to design a partner and staff compensation plan, Performance Is Everything will help you develop the plan that works for your firm.

Download or read book Pay for Results written by Karen Jorgensen and published by Silver Lake Publishing. This book was released on 1996 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: Payroll may be the largest item in a company's balance sheets. PAY FOR RESULTS explores ways to use compensation as an incentive tool and management resource. It explains incentive bonuses, performance-based pay, and profit sharing. Real-life case studies reveal which plans work, which don't, and why.

Download or read book Country Compatible Incentive Design written by Marjaana Gunkel and published by Springer Science & Business Media. This book was released on 2007-12-10 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on an empirical study among employees of a multinational corporation (MNC) in Germany and the USA, Marjaana Gunkel shows that the employees in these countries have different preferences regarding incentives and that incentive plans designed for one country are not always effective in others. In addition, the author presents an explorative study of employee groups in China and Japan and gives advice for designing appropriate compensation schemes for employees of MNC in different countries.

Download or read book Analysis of Marshall Gordon Designing an Effective Compensation System written by Dominik Ulrich Hoppe and published by GRIN Verlag. This book was released on 2015-06-10 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2015 in the subject Politics - Environmental Policy, grade: 1, Vienna University of Technology, language: English, abstract: Solution to a Harvard Business School Case Study: How to design an effective compensation system? This term paper is an analysis of the Case Study "Marshall & Gordon: Designing an Effective Compensation System (A)" by HEIDI K. GARDNER and KERRY HERMAN. Putting myself in the shoes of Kelly Browne, CEO of the PR agency Marshall & Gordon, I believe it is nearly impossible to design something like the „ideal compensation policy“ fitting everyone’s needs. However, I know that there are several recommended guidelines with fundamental properties for compensation systems that should be taken into serious consideration by executives while creating such systems. A compensation system should consist of: a statement of overall objectives, the relative importance of compensation, general performance measures, competitive reference points, competitive positioning, internal equity and consistency, communication and involvement of employees, and governance. As for the category of „involvement of employees“, Herzberg’s motivation theory stipulates that factors such as recognition, achievement, increased responsibility and opportunities to learn (within the company) are extremely important factors for employees, besides payments and benefits. In the following case study I will attempt to analyse the current incentive system with respect to the given questions using numerous quotations.

Download or read book The Complete Guide to Accelerating Sales Force Performance written by Andris A. Zoltners and published by AMACOM/American Management Association. This book was released on 2001 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: To boost your sales group's performance, give your salespeople very specific assessments and instructions, as per authors Andris A. Zoltners, Prabhakant Sinha and Greggor A. Zoltners. The trouble here is that the instructions are not only detailed, they are highly technical. You have to see sales as a science to make the best use of the graphs, charts, lists, diagrams and formulas. If you can make your way through the academic writing, you'll find some useful hard data, such as statistical evidence that backs the need for precise sales performance assessments. Despite its lengthy retelling of some very basic sales principles, getAbstract.com recommends this manual to the audience its authors suggest, "sales managers, top managers, salespeople who want to advance professionally, divisional presidents and business owners" plus business school students. If you're going to be academic, you might as well learn something.