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Communication is Key: Unlock Compensation Transparency that Retains
Communication is Key: Unlock Compensation Transparency that Retains
Too many organizations pull out the big guns to build comp plans but fail to clearly communicate compensation changes to reps.
How much time do you spend ensuring reps understand how their comp plan works?
When reps have to do the heavy lifting to figure out how they’re getting paid, it means they have less time to spend on sales activities.
The solution?
A formal incentive communication strategy.
We're sitting down with the experts for the ultimate guide on how to reconstruct your current sales compensation process to build a more effective incentive communication strategy ultimately.
Discussion topics
Documenting best practices for end-to-end clarity and a consistent, sustainable feedback loop to optimize growth
Mapping out an incentive communication step to align with each step of your sales comp process
Sharing your communication strategy with reps to set functional and actionable goals backed by the data
Key Takeaways
The goal is to design a program that is simple to understand and easy to communicate. First, start with the managers, and ensure that THEY understand their and their team’s plans. Second, meet with the team, address elephant-in-the-room questions, and go over them at a high level. Third I meet with each rep 1:1 to review their individual quota and comp rates.
ROE (rules of engagement) are fundamental- have clearly stated in your “rules book” and attach to comp plans. That will avoid fires and disagreements.
Spiffs should be fun! Make them monthly or weekly to drive the behavior or sales need you are looking for. Spiffs could be sales-related, behavior-related, etc. In enterprise sales, spiffs are good for leading indicators and activities you want to see such as prospecting a certain segment. Setting new appointments. Getting referrals.