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Maximizing Sales Compensation Strategies for Organizational Success

Discover the essentials of sales compensation and how it drives performance aligned with organizational objectives. Learn about different methods, patterns, elements, and plans to fix wages in the sales industry.

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Maximizing Sales Compensation Strategies for Organizational Success

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  1. Sales Compensation

  2. Sales compensation • Sales compensation is the combination of base salary, commission, and incentives that are used to drive the performance of a sales organization. • Sales compensation management is the method of overseeing plans and ensuring components drive performance aligned with organizational goals.

  3. Sales CompensationObjectives • Provide a living wage • Adjust pay levels to performance • Mechanism to achieve company and Individual goals

  4. Sales Compensation • How to fix the wage • Simple ranking • Classification or grading • Point system • Factor comparison method (Factor comparison is to assign the relative parts of each job role a financial value i.e. the amount of compensation offered for that part of the role).

  5. Sales Compensation • Compensation Patterns • Present compensation system in the industry • Average compensation for similar positions • How are the companies doing at this levels

  6. Sales Compensation • Compensation elements • Fixed element (Base salary) • Variable component/s (up and down) • Fringe benefits (an extra benefit supplementing an employee's money wage or salary, for example a company car, private health care, etc) • Reimbursements (the action of repaying a person who has spent)

  7. Sales Compensation • Types of compensation plans • Straight salary plan • Straight commission plan • Combination of salary and incentive plan

  8. Sales Compensation • Minimum expectations • Job Security • Right leadership • Professional environment • Suitable pay • Enhancement

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