https://mikemontague.com/wp-content/uploads/sales-compensation-package-compressor.jpg 315 761 Mike Montague https://mikemontague.com/wp-content/uploads/MM-Mike-Montague.png Mike Montague2018-03-06 07:18:102018-03-06 07:18:399 Tips for Building a Competitive Sales Compensation Plan
9 Tips for Building a Competitive Sales Compensation Plan
When it comes to recruiting, hiring, and retaining great sales talent — few things are more persuasive and important than maintaining a competitive sales compensation plan. Pay too little and you’ll lose good salespeople to competing companies. Pay too much and your salespeople will get complacent and stop growing revenue.
Below, I’ve compiled nine tips for making good decisions about base salary, commission, bonuses, and more. Incorporate a few of these tactics into your next compensation plan overhaul, and see them benefit the quality of your sales team and your company’s bottom line.
Sales Compensation Plan Tips
- Think twice before assigning full commission
- Avoid the draw against commission
- Reward behaviors you’d like to see repeated
- Pick the right commission rate
- Pay commissions quickly
- Get creative with shared commission and bonuses
- Consider a plan that changes with experience
- Be flexible
- Be transparent