From the course: Sales Management Foundations
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Communicating sales compensation
From the course: Sales Management Foundations
Communicating sales compensation
- The best compensation plan can fail if not properly communicated. It's essential that your sales employees know exactly how and when they will be paid. To make sure you get it right, I recommend creating a formal written document that describes how the plan works, how it compares to industry market rates, and the method and timing of how reps earn their money. Be sure to include examples. Reps will share this information with their partner. So it's essential the family fully understands (laughing) how the income is coming in. By the way, make sure you coordinate that written document with your finance and human resources departments to make sure the pay plan is in the budget and that it complies with HR policies. Along with a written pay plan, I also recommend doing verbal presentations. Start by announcing the pay plan to the entire sales force, and then follow up with one-on-one meetings between the manager and…
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