Compensation Planning and Paymentsoverview
In complex businesses with multiple customer-facing roles, your sales compensation management system must blend a range of quantitative and qualitative incentives.
Commission Payment Software | IconixxOverview
Modeling and ForecastingOverview
Optimize Sales Strategies, Reduce Risk with Robust Plan Modeling. Anticipate how compensation plan changes will impact financial results and motivation of your sales team.
Iconixx Manages Your Company's Workflow from Assignment to Review and ApprovalOverview
Why Automate Your Workflow Process? Salary and compensation processes extend beyond one department. Managing workflow between field representatives, HR, Management, Sales Operations, Finance and Executives is crucial.
Governance and ReportingOverview
Accurately Model, Forecast, and Report. Simply design and review plans before releasing. Create plans in your modeling environment to achieve confidence in the actual outcomes. Apply standard templates, create ad hoc reports, or use a vast array of analytic tools.
Iconixx for Quota ManagementOverview
Iconixx enables companies to simplify quota planning processes with our sales performance management software. Quickly and easily use valuable insights to create accurate and attainable sales quotas that align with your business goals.
Automate, Simplify, and Streamline Incentive & Compensation Plans for Peak PerformanceOverview
Boost performance and build employee loyalty with Iconixx Incentive™. Iconixx Incentive™ makes it easy to efficiently and clearly create and manage even the most complex structures for discretionary pool bonuses, management-by-objective (MBO) rewards, and noncash payouts and promotions
Sales Compensation Software by IconixxOverview
An Easier, Safer Path for Sales Performance ManagementOverview
Sales Performance Management for Your Industry. Yes, Yours.Overview
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Solid sales effectiveness metrics are crucial for pay for performance
By Brian Thompson,
When employees do not feel like their value at a company is reflected in their compensation, they may look for other higher paying positions. As an important part of employee management, companies need to be able to connect compensation with performance because as the job market heats up, it becomes more important to keep talented staff by offering them pay that matches their profitable performance levels. However, there are mistakes employers can make when it comes to pay for performance, and one of the biggest is not having solid metrics that prevent companies from giving star workers too little compensation or providing ineffective workers with too much.
About one-third of companies in the U.S. said compensation aligned with performance or productivity objectives, according to a survey by employment agency & recruitment firm Kelly Services.
The survey revealed this number could grow as 40 percent of respondents who said their companies lacked pay for performance programs said they could increase their productivity if their earnings were comparable to their performance.
With the role of incentive compensation expanding to increase retention rates and employee engagement, employers should watch out for signs that employees are not satisfied with their current pay level and incentives. The survey found about 4 in 10 employees said their current pay is fair.
"Performance-based incentive plans can be a win-win situation," Steve Armstrong, senior vice president and general manager of U.S. operations for Kelly Services, said in a statement. "Employees can benefit from the opportunity to work smarter and raise their earnings capacity, while employers benefit from increased productivity and a more engaged workforce."
Importance of staying focused with performance metrics
Incentive pay is often standard in sales with 68 percent of sales firms saying they offered performance-based pay, according to the survey. In order for pay for performance to have the most impact at encouraging positive outcomes and ensuring businesses are one step closer toward their goals, companies need to accurately measure key sales performance metrics.
Companies regularly use pay for performance when determining the compensation for CEOs, connecting CEO pay to the outcomes detailed in annual financial reports. However, companies that lack focus may find themselves underperforming compared to competitors, according to The New York Times. Businesses should be able to create metrics based on their business goals and desired outcomes and stick to these key performance indicators to make sure all staff at the company - from the top executives down to the main workforce - are on track for success.