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Churn Check: The Cost of Comp Plan Complacency

Can you really say your comp strategy is reaching its full potential?

Your compensation philosophy affects everything - strategy, goals, retainment, and of course, revenue.

Competitive companies are changing their strategies, with data at the forefront.

It’s time to rethink your comp philosophy with this all-star sales panel - J ay Wallace (VP of Worldwide Sales at Rumble), Eric Martin (Head of Sales at Vanta), and Stan James (VP of Sales at Spiff).

Discussion topics

Developing compensation principles that turns goals into actions
Future-proofing your comp philosophy to reduce churn and stay alive in a recession
Practicing data-driven management to put the goal into action

Key Takeaways

Science, psychology, & you: To turn goals into actions, you have to assess what worked and what needs updates to fit your current goals. How are you measuring that? What metrics matter most? What do you want to incentivize? Sales is an experiment, data is the ultimate truth, and your ops team is your best friend.
Accepting the Big “R” (Recession): The recession can be an opportunity to hone in on what your essentials are. It’s okay to communicate about it. Prep for worst case by focusing on the talent you have and enabling them to strengthen before it hits. Incentivize & compensate based off of renewals, focus on cross-functional visibility, and side with your reps whenever you can.
Flexibility > Rigidity: In such a saturated market, there’s no one and done. It’s not the time to go cheap or ignore market adjustments, now is the time to lean on investment in talent and be willing to listen, or you won’t retain. Keep it simple. It costs the company 1.5x salary if someone leaves - if the OTE is too low, go up.

Resources

Check out Spiff’s The Official Sales Comp Manager’s Toolkit here

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