In today’s business environment the only constant is rapid change. Sales compensation plans are one of the most powerful tools an organization has to influence sales behaviors and improve sales performance. That is why it is so critical that an enterprise is agile enough to rapidly adapt to changes in the organization, market, or competitive landscape.
Studies consistently prove incentive compensation has the strongest and most immediate impact on selling behaviors. Agile sales organizations can create competitive advantage when they are able to rapidly design and roll out adjustments to incentive compensation plans in reaction to competitive threats, new products, or market changes.
The following tips, derived from a long-term study of incentive compensation management, reflect the best cross-industry practices for profiting from the ability to manage change in the incentive compensation plan process.
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