Chances are when companies large and small developed their salesforce incentive plans for 2020, in no way did they envision the unprecedented challenges to come with the global COVID-19 pandemic. In the current climate, salespeople — many who rely on variable pay programs tied to once more attainable business goals — may be filled with […]
The year 2018 has been one of major volatility in many markets creating widespread uncertainty. In this environment, it is understandable that companies are evaluating the impact market volatility may have on their salesforce incentive plans for 2019. Fortunately, mindful planning and clear communication about your salesforce incentive plan can accelerate growth even in an […]
A lot has been written about the interests, attitudes, and behaviors of Millennials (those born between 1981 and 1996). Among the facts that have been reported, primarily by the Gallup organization, these stand out: Millennials will account for 50 percent of the US workforce by the year 2020. Only 50 percent plan to be with […]
In his 2015 book Misbehaving, Nobel Prize-winning economist Richard Thaler addresses the concept of loss aversion and its impact on decision making. “Roughly speaking,” he asserts, “losing something makes you twice as miserable as gaining the same thing makes you happy.” For this reason, given the choice, people tend to put more energy into reducing […]
It’s Review and Planning Time In this issue of the Salesforce Alert newsletter, my colleague, Tim Weizer, presents some key questions that need to be answered in reviewing a salesforce incentive plan. The Sales compensation review and planning season is upon us. The focus on sales compensation is understandable as selling is, by far, the […]
“Don’t sell me products. Instead, lead me to solutions that incorporate your products.” (Vice President of a strategic account) In this issue of the Salesforce Alert newsletter, my colleague, Tim Weizer, shares a case study regarding a strategic change that helped achieve effective salesforce results. The senior sales executive of a middle-market financial services company […]
By Tim Weizer | May 2016 In May 1992, the Wall Street Journal bluntly stated, “Nothing positive happens in the absence of revenue.” This statement is equally true today. An organization’s salesforce, and its effectiveness to generate revenue, can be significantly enhanced by the role of the HR function. Of the many diverse drivers of […]
The focus on sales compensation is understandable as selling is, by far, the most expensive part of strategy implementation for most companies. Five times the expenditures on all media advertising; 20 times larger than the money spent on all online marketing and advertising in 2013. Here are five areas to test your plan. Focusing on […]
The United States Fair Labor Standards Act of 1938 requires that employees be provided overtime pay unless they qualify under one of the FLSA exemptions. On May Increase the minimum weekly salary to $913 ($47,476 annually) to be considered exempt. The current limit was $455 per week or $23,660 annually. Increase the highly compensated employee […]
A recent client engagement underscored the need and importance of using an online tool in reviewing a sales incentive plan and making recommendations for improvement. The company is a middle market company located in the Midwest. It offered the B2B markets a high quality and premium priced product line. In recent years, there were multiple […]