Webinar: Comp Planning 2022
The two reviewed some of the biggest trends regarding comp plans, helpful best practices, and even revealed a calculator tool that helps organizations set their on-target earnings (OTEs). Stay tuned for more!
Below, we’ve highlighted three key takeaways from the event. But, please grab a notepad and listen along. The comp planning hits don’t stop!
1. Very few sales reps have a good understanding of their comp plans
When reps don’t know how and when they get paid, they are more likely to leave. However, when they have a clear understanding, we’ve found that reps are more productive and loyal to their companies. To help, avoid overcomplicating comp plans and have a clear communication plan in place to review them with your reps. As an added tip, it should always be the sales leaders who run through the new plans with their teams.
2. Spiffs aren’t a substitue for a good comp plan
If your comp plan is bad, no amount of spiffs is going to fix it. Spiffs should be used intentionally to motivate and reward good sales behaviors. They shouldn’t be used to course correct for a poorly designed comp plan.
3. Aim for salary and OTE transparency
This is a big one. Sales reps are now receiving multiple offers as they job search. By being upfront and open about OTEs, you’re differentiating yourself from the competitors who hide this information. A bonus tip — set OTEs that your team will actually hit. Otherwise, expect high turnover.
Happy comp planning and enjoy the webinar!
QuotaPath is the most adaptable compensation solution for sales reps to finance to everyone in between. Try it for free today!