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A Practical Approach to Sales Compensation

A Practical Approach to Sales Compensation PDF Author: Doug J. Chung
Publisher:
ISBN: 9781680836844
Category : Business & Economics
Languages : en
Pages : 64

Book Description
A Practical Approach to Sales Compensation takes readers through the evolution of academic research on sales compensation. By examining the relevance of existing research, it provides practical guidance on the design of an effective compensation system. Furthermore, the monograph discusses how recent technological advances in artificial intelligence (AI) and machine learning (ML) shape sales strategy transformation and, thus, sales compensation systems of the future. After an introduction, Section 2 illustrates a practical outline for designing a sales compensation system and the associated dilemma that organizations often face. Section 3 examines the theoretical foundations of effective sales compensation structures and their validity--in particular, application of the principal-agent theory, which derives optimal compensation systems under the presence of agents' moral hazard. Section 4 addresses recent developments in field research: randomized field experiments jointly conducted by academics and organizations as well as structural econometric methods using micro-level performance and compensation data. Section 5 illustrates how advances in technology affect organizations' sales strategies and, thus, the challenges and opportunities in utilizing compensation structure to motivate salespeople.

A Practical Approach to Sales Compensation

A Practical Approach to Sales Compensation PDF Author: Doug J. Chung
Publisher:
ISBN: 9781680836844
Category : Business & Economics
Languages : en
Pages : 64

Book Description
A Practical Approach to Sales Compensation takes readers through the evolution of academic research on sales compensation. By examining the relevance of existing research, it provides practical guidance on the design of an effective compensation system. Furthermore, the monograph discusses how recent technological advances in artificial intelligence (AI) and machine learning (ML) shape sales strategy transformation and, thus, sales compensation systems of the future. After an introduction, Section 2 illustrates a practical outline for designing a sales compensation system and the associated dilemma that organizations often face. Section 3 examines the theoretical foundations of effective sales compensation structures and their validity--in particular, application of the principal-agent theory, which derives optimal compensation systems under the presence of agents' moral hazard. Section 4 addresses recent developments in field research: randomized field experiments jointly conducted by academics and organizations as well as structural econometric methods using micro-level performance and compensation data. Section 5 illustrates how advances in technology affect organizations' sales strategies and, thus, the challenges and opportunities in utilizing compensation structure to motivate salespeople.

Compensating the Sales Force: A Practical Guide to Designing Winning Sales Reward Programs, Second Edition

Compensating the Sales Force: A Practical Guide to Designing Winning Sales Reward Programs, Second Edition PDF Author: David J. Cichelli
Publisher: McGraw Hill Professional
ISBN: 0071742344
Category : Business & Economics
Languages : en
Pages : 300

Book Description
The classic guide to raising your bottom line with the perfect compensation strategy—fully revised and updated! Sales compensation WORKS! Nothing motivates a sales force better than a powerful compensation program. And when your salespeople are motivated, revenue soars. But how do you design a program ideally suited for your business strategy and organizational needs? It’s a delicate balance that makes all the difference between profit and loss. More and more sales leaders have turned to Compensating the Sales Force to help them discover problems in their present system and create a compensation program that works best for their needs. Now, in the second edition of this authoritative, jargon-free handbook, sales compensation guru David J. Cichelli brings you completely up to date on setting target pay, selecting the right performance measures, and establishing quotas. He supplies clear guidelines for building the right compensation plan for any type of firm, of any size, in any industry, and he offers step-by-step procedures for implementing each approach. In Compensating the Sales Force, second edition, Cichelli has substantially expanded the book’s popular formula section, and he provides brandnew examples of: Income producer plans Sales rep commission plans Bonus plans Incentive plans Base Salary management plans The book also includes all-new chapters for global, complex sales organizations and hard-to-compensate sales jobs. Using the lessons in Compensating the Sales Force, you’ll construct and calculate accurate formulas for payout purposes and establish highly efficient support programs, such as sales crediting and account assignment. Complete with dozens of real-world examples that illustrate important points and demonstrate specific techniques and procedures, Compensating the Sales Force provides all the tools you need to design and implement a sales compensation plan that maximizes profits—and keeps them climbing. With brand-new chapters on GLOBAL SALES TEAMS amd COMPLEX SALES ORGANIZATIONS! Praise for the first edition of Compensating the Sales Force: “If your company is refocusing its efforts on sales revenue enhancement, you must read this book. If you want motivated salespeople and superior sales results, act on its content.” Noel Capon, R. C. Kopf Professor of International Marketing, Chair of Marketing Division, Graduate School of Business, Columbia University “This book provides great guidance for any business leader who wants to capitalize on sales compensation as a tool for driving business results.” Rick Justice, Executive Vice President, Worldwide Operations and Business Development, Cisco Systems “Dave Cichelli is the premiere sales compensation educator today. You will immediately find this work informative, helpful, [and] thought-provoking.” Mark Englizian, former Director of Global Compensation, Microsoft Corporation

Compensating the Sales Force: A Practical Guide to Designing Winning Sales Compensation Plans

Compensating the Sales Force: A Practical Guide to Designing Winning Sales Compensation Plans PDF Author: David J. Cichelli
Publisher: McGraw Hill Professional
ISBN: 0071435972
Category : Business & Economics
Languages : en
Pages : 235

Book Description
Compensating the Sales Force is a uniquely jargon-free, how-to guide to all major sales compensation concepts and formulas. Using real-world examples, guru David J. Cichelli: Helps readers select the right compensation strategy for their firm Provides step-by-step guidance to implementing various approaches Simplifies the mathematical formulas that are a thorn in most manager's side

Compensating the Sales Force, Third Edition: A Practical Guide to Designing Winning Sales Reward Programs

Compensating the Sales Force, Third Edition: A Practical Guide to Designing Winning Sales Reward Programs PDF Author: David J. Cichelli
Publisher: McGraw Hill Professional
ISBN: 1260026825
Category : Business & Economics
Languages : en
Pages : 352

Book Description
Leverage the full power of your sales force with a cutting-edge compensation program Salespeople are motivated by many things—and how they’re paid tops the list. Sales compensation is one of the best tools for motivating any sales force and thus maximizing business revenue. Do you have strategically aligned sales compensation plans or are your pay plans holding back your sales force? Compensating the Sales Force has helped thousands of business leaders worldwide create sales compensation programs that drive sales performance, increase revenue, and trigger business growth. Now, this new edition brings you fully up to date with new approaches for a business landscape where product/solution objectives and customer needs are in constant in flux. Sales guru David Cichelli provides everything you need to build an incentive plan that delivers real financial results. He takes you step-by-step through the process of setting target pay, selecting the right performance measures, and establishing quotas. You’ll learn everything there is to know about: •Why job content drives sales compensation design •Methods for calculating formulas for payout purposes •The roles of quota allocation, sales crediting, and account assignment •Compensating a complex sales organization and global sales teams •Administering, monitoring, and measuring the effectiveness of the program An indispensable resource for anyone involved in sales compensation—from CEOs and sales managers to HR personnel to IT professionals—Compensating the Sales Force provides all the tools you need to design and implement a sales compensation plan that increases profits―and drives the sales team to exceed sales targets.

A Practical Approach to Sales Management

A Practical Approach to Sales Management PDF Author: Kujnish Vashisht
Publisher: Atlantic Publishers & Dist
ISBN: 9788126905379
Category : Sales management
Languages : en
Pages : 328

Book Description
Sales Department Occupies A Strategically Most Important Position In The Present-Day Marketing Operations. The Increase In Quantum Of Business, Changing Demographics, Developed Information Technology And Awareness Of Rights And Privileges Of The Customers Have Prompted Growing Competition In Business. In The Changed Scenario, The Position Of Sales Manager Has Gained In Importance, Thereby Making The Study Of Sales Management In A Proper Perspective Indispensable For The Students Who Intend To Pursue A Managerial Career.The Present Book A Practical Approach To Sales Management Is A Complete Treatise On The Subject. Beginning With A Well-Researched Introduction To The Field, The Book Discusses All The Key Concepts Related To Sales. It Explicitly Lays Down The Objectives Of Sales Management Achievement Of Sufficient Sales Volumes, Contribution To Desirable Profits And Ensuring Continuous Growth For The Company, And Its Functions Sales Planning, Organising The Sales Effort, Coordination With Other Departments, Appointing And Training Sales Personnel, Motivating Sales Persons, Achieving Sales Targets, Administration And Control, To Name But A Few. The Role Of A Modern-Day Sales Manager Has Been Exclusively Presented In Detail With A View To Make The Students Highly Competent In Handling The Real Time Marketing Situations. The Other Important Concepts Of Sales Which Have Been Analytically Studied In The Present Book Include Marketing Policies On Sales, Market Demand And Sales Forecasting, Recruitment And Selection Of Sales Persons, Sales Training Programmes, Performance Evaluation, Sales Budget, Sales Territories, Sales Control And Analysis, And Many Others.A Practical Approach To Each Topic, Well-Illustrated With Rich Examples From The Indian Sales Environment, Makes The Book Easily Accessible To The Average Readers. A Glossary Of Sales And Selling Terms Given In The Appendix Of The Book Is An Added Advantage Provided To The Readers Which Would Facilitate Them In Understanding Of The Subject. In Addition, Practical Case Studies And Analytical Questions As Well As Sales Quiz Provided At The End Of Each Chapter Would Help The Students Of Management In Self-Study And Self-Assessment. The Book Would Be Highly Useful To The Corporate Executives And Entrepreneurs Besides The Students And Teachers Of The Subject.

The Complete Guide to Sales Force Incentive Compensation

The Complete Guide to Sales Force Incentive Compensation PDF Author: Andris Zoltners
Publisher: AMACOM
ISBN: 0814429726
Category : Business & Economics
Languages : en
Pages : 511

Book Description
A well-designed and implemented incentive program is an essential tool for building a motivated, highly effective sales force that delivers the results you need. Incentive programs are seductively powerful but complicated instruments. Without careful planning and implementation, they can be too stingy to motivate, too complex to understand, too quick to reward mediocre results, and too difficult to implement. The Complete Guide to Sales Force Incentive Compensation is a practical, accessible, detailed roadmap to building a compensation system that gets it right by creating motivating incentives that produce positive outcomes. Packed with hundreds of real-life examples of what works and what doesn't, this important guide helps you: Understand the value of building an incentive plan that is aligned with your company's goals and culture. Avoid the common trap of overusing incentives to solve too many sales management problems. Measure the effectiveness of your current incentive program, employing easy-to-use tools and metrics for pinpointing its weak spots. Design a compensation plan that attracts and retains successful salespeople, including guidelines for determining the correct pay level, the best salary incentive mix, the proper performance measures, and the right performance payout relationship. Select an incentive compensation plan that works for your organization -- then test the plan before it is launched. Set territory-level goals that are fair and realistic, and avoid overpaying the sales force or demoralizing salespeople by having difficult goals or not fairly assigned. Create and manage sales contests, SPIFFs (Special Performance Incentive for Field Force), and recognition programs that consistently deliver the intended results. Manage a successful transition to a new compensation plan and build efficient administration systems to support your plan. Filled with ready-to-use formulas and assessment tools and a wealth of insights from frontline sales managers and executives, The Complete Guide to Sales Force Incentive Compensation is your hands-on, easy-to-read playbook for crucially important decisions.

Compensating the Sales Force, Third Edition

Compensating the Sales Force, Third Edition PDF Author: David Cichelli
Publisher:
ISBN:
Category :
Languages : en
Pages : 352

Book Description
Leverage the full power of your sales force with a cutting-edge compensation program Salespeople are motivated by many things-and how they're paid tops the list. Sales compensation is one of the best tools for motivating any sales force and thus maximizing business revenue. Do you have strategically aligned sales compensation plans or are your pay plans holding back your sales force? Compensating the Sales Force has helped thousands of business leaders worldwide create sales compensation programs that drive sales performance, increase revenue, and trigger business growth. Now, this new edition brings you fully up to date with new approaches for a business landscape where product/solution objectives and customer needs are in constant in flux. Sales guru David Cichelli provides everything you need to build an incentive plan that delivers real financial results. He takes you step-by-step through the process of setting target pay, selecting the right performance measures, and establishing quotas. You'll learn everything there is to know about: -Why job content drives sales compensation design -Methods for calculating formulas for payout purposes -The roles of quota allocation, sales crediting, and account assignment -Compensating a complex sales organization and global sales teams -Administering, monitoring, and measuring the effectiveness of the program An indispensable resource for anyone involved in sales compensation-from CEOs and sales managers to HR personnel to IT professionals- Compensating the Sales Force provides all the tools you need to design and implement a sales compensation plan that increases profits-and drives the sales team to exceed sales targets.

Statistics for Compensation

Statistics for Compensation PDF Author: John H. Davis
Publisher: John Wiley & Sons
ISBN: 1118002067
Category : Mathematics
Languages : en
Pages : 414

Book Description
An insightful, hands-on focus on the statistical methods used by compensation and human resources professionals in their everyday work Across various industries, compensation professionals work to organize and analyze aspects of employment that deal with elements of pay, such as deciding base salary, bonus, and commission provided by an employer to its employees for work performed. Acknowledging the numerous quantitative analyses of data that are a part of this everyday work, Statistics for Compensation provides a comprehensive guide to the key statistical tools and techniques needed to perform those analyses and to help organizations make fully informed compensation decisions. This self-contained book is the first of its kind to explore the use of various quantitative methods—from basic notions about percents to multiple linear regression—that are used in the management, design, and implementation of powerful compensation strategies. Drawing upon his extensive experience as a consultant, practitioner, and teacher of both statistics and compensation, the author focuses on the usefulness of the techniques and their immediate application to everyday compensation work, thoroughly explaining major areas such as: Frequency distributions and histograms Measures of location and variability Model building Linear models Exponential curve models Maturity curve models Power models Market models and salary survey analysis Linear and exponential integrated market models Job pricing market models Throughout the book, rigorous definitions and step-by-step procedures clearly explain and demonstrate how to apply the presented statistical techniques. Each chapter concludes with a set of exercises, and various case studies showcase the topic's real-world relevance. The book also features an extensive glossary of key statistical terms and an appendix with technical details. Data for the examples and practice problems are available in the book and on a related FTP site. Statistics for Compensation is an excellent reference for compensation professionals, human resources professionals, and other practitioners responsible for any aspect of base pay, incentive pay, sales compensation, and executive compensation in their organizations. It can also serve as a supplement for compensation courses at the upper-undergraduate and graduate levels.

Sales Compensation Made Easy

Sales Compensation Made Easy PDF Author: Kenneth Pieh
Publisher:
ISBN: 9781481048217
Category :
Languages : en
Pages : 80

Book Description
Sales Compensation Made Easy (SCME) documents a practical approach to designing sales compensation programs. The language and approach is down to earth and very straight forward. Based on the authors decades of experience designing sales compensation programs, SCME includes many, many true stories of the impact of poorly designed and well designed sales compensation programs.

The Insurance Professional's Practical Guide to Workers' Compensation

The Insurance Professional's Practical Guide to Workers' Compensation PDF Author: Chris Boggs
Publisher: Lulu.com
ISBN: 0578020963
Category : Business & Economics
Languages : en
Pages : 224

Book Description
This is not your ordinary workers' compensation book. Workers' compensation coverage is relatively easy to understand. It's the legal, procedural and contractual issues surrounding workers' compensation that are complicated. In "The Insurance Professional's Practical Guide to Workers' Compensation," Boggs addresses in clear, jargon-free English many of the concepts, policies and practices in workers compensation that brokers, risk advisors, and corporate risk managers need to know. The chapters, such as on which injuries and which workers are covered, free the reader from having to wade through dense legal and regulatory treatises. Boggs explains to non-lawyers legal aspects of workers compensation. If you need to use the book as little as one time a year, get it, because you'll probably need it much more often.