Need to Reevaluate Your Compensation Plan?

Need to Reevaluate Your Compensation Plan?
January 16th, 2019 0 Comments

Let’s be real for a minute. Everyone likes for their hard work to be recognized and to receive compensation in return. It makes employees feel more motivated, and it could be the encouragement your sales team needs to be productive.

Compensation plans don’t always require monetary reward. A great compensation plan can be a combination of flexible benefits, certain medical care, or a variety of different perks. Nowadays people aren’t just working for money but rather for a balance of a couple of different things.

 

What Employees Want from Compensation Packages

Transparency

A well-informed team member is a happy team member. Be open and clear with your employees from the start. Hold a meeting where you go through the ins and outs of your compensation package and give ample time for questions and concerns.

More than Money

As we said before, the worker of today wants more than just money. They want to feel valued, they want recognition, they want respect, and the ability to demonstrate their expertise. Show your employees that you trust them and their skills by giving them challenging opportunities.

Health Benefits

It should come as no surprise, especially with healthcare being such a hot button topic lately, people are concerned about their health! Give them wellness benefits, a gym membership, discounts with a specialist, etc. A healthy employee can do more for the team than a sick one.

 

Four Signs Your Compensation Plan Is Not The Complete Package

Starting to worry that your compensation plan can’t stand up to employee standards?

Are you afraid to get stuck in a cycle of high turnover and losing top talent?

Here are four red flags you shouldn’t ignore:

 

1. Difficult to Track Progress

Is your company still lacking an accessible CRM?

Is sales credit value determined by the value of the closed sale?

When your sales team can’t track their progress against the goal, they will get frustrated.

 

2. Miscommunication

Going back to the beginning of this article—you MUST be clear and open about your comp plan. Otherwise, people will be confused, and when people are confused they won’t be happy.

 

3. Consistently Poor Performance

Does it feel like some team members have just stopped showing up and working as hard?

When your sales team feels resentful with the pay or lack of upwards mobility, it’ll show. Take this red flag and use it as a sign to start changing things up.

 

4. Ineffective Employee Review System

If it’s been a while since you’ve gone over your review system and it seems to be ineffective, then it’s time to ditch it and turn to a new approach. Consider a program with built-in performance measurement tools.

 

We hope you reflect on these four red flags and use them to take the necessary steps to make improvements at your organization. If you’re ready to put your company on the right path for more sales and growth, give us a call!

We’ll provide a full FREE assessment and talk to your whole team. Plus, we’ll find the missing links and craft a completely custom plan that addresses your needs. Schedule your assessment today!

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Summary
Article Name
Need to Reevaluate Your Compensation Plan?
Description
Unattractive compensation packages can turn your company upside down. Read about four red flags you should consider for changing your compensation plan.
Author
Improving Sales, Sales Training
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