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Benefits of a Good Incentive Compensation Plan

Incentive compensation is that portion of the compensation that is linked to sales performance. Sales commissions are effective tools to connect the behaviour of salespersons with the companyu2019s business strategy. Sales compensations can motivate employees and incentive compensations can help differentiate between salespeople and performance.

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Benefits of a Good Incentive Compensation Plan

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  1. Benefits of a Good Incentive Compensation Plan

  2. Benefit 1: Improved Motivation • Salespeople are motivated to perform beyond expectations with appropriate levers.

  3. Benefit 2: Higher Topline • The plan should be able to engage and align salesforce. • This will lead to improved topline revenue and higher sales growth.

  4. Benefit 3: Attracting Top Talent • Variable pay or sales commission helps in attracting top talent from sales industry.

  5. Benefit 4: Teamwork • There should be team-based sales goals to encourage collaboration within a team. • Salespeople can share best practices with colleagues for a healthy work relationship.

  6. Benefit 5: Reduced Attrition • When there is recognition and reward for performance, employees remain loyal to the company, resulting in less attrition.

  7. A well-designed incentive compensation plan is effective in motivating and engaging salespeople. It can align employees with company goals.

  8. Thanks! Would Love to hear from you. Incentivate Solutions Add: Office #14A, 3rd Floor, City Vista,, Kharadi, Pune, Maharashtra 411014, India Tel : +91-9960267767 Email : info@incentivate.in Website : https://incentivate.in/ Know More : What are the Types of Sales Quotas?

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