Sales compensation is a mission critical pay plan driving business success. In this introductory course, you will learn the fundamentals of sales compensation plan design, implementation and evaluation. You will also understand how to design the most appropriate plans for your customer contact jobs to drive sales outcomes.
In this course, you will:
- Understand the rationale for sales compensation plans, their value and uniqueness.
- Learn key principles of sales compensation plan design.
- Learn how to introduce a new or revised plan to the sales force.
- Understand why sales incentive plans fail and how to evaluate your plan’s progress and success.
This course is for the human resources compensation professional, sales management, sales operations personnel and commission accounting personnel responsible for sales compensation design, assessment, administration, implementation and program management.
Specific areas covered include:
- Sales Compensation Terms and Definitions
Review the role of sales compensation in the context of the total rewards model. Learn about the purpose of sales compensation plans as well as sales compensation terms and incentive payment methods.
- Influences on Sales Compensation Design
Learn the drivers of sales compensation design, including go-to-market strategy and direct and indirect sales channels.
- Design Components
Understand the key design components of sales incentive plan design, including eligibility, target cash compensation, pay mix, calculation methods, performance measures and performance and payout arrangements.
- Plan Refinement and Testing
Learn about sales incentive plan refinement and testing through financial modeling, quotas and calculating formulas.
- Plan Implementation
Gain knowledge about the sales incentive plan implementation process, including plan terms, conditions and qualifiers; employee administration and communication; integrating with other programs; managing plan changes; and tracking and payment administration.
- Assessing Plan Effectiveness
Become skilled in assessing and evaluating sales incentive plan effectiveness. Learn what action to take when the plan is struggling and practice your assessment knowledge with a sample analysis.
Upon completing this course, you will be empowered with fundamental knowledge for designing, implementing and evaluating sales incentive plans.
Ready to learn about the elements of sales compensation?
This course is available in a variety of formats, including online and in-person.
Find a class format that works for you and register today.