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Best Practices in Commission Pay Plans

Make sure your commission plan is effective in retaining and attracting key employees and learn how you can improve it.There are few management tools that work as well in recruiting, directing, motivating and retaining sales people as a strong commission plan. This is critical because sales people are often highly paid, remote from headquarters and entrusted with customer relationships (very valuable assets). A properly designed commission plan clearly and personally communicates the strategy of the organization to resources that have direct impact on financial performance. The design and deployment of a new commission plan can create a 5-10 percent uplift in revenue in a single year. However, mistakes in commission plan design are quite common and can have disastrous effects on performance. Help your company avoid sales force turnover, dissatisfied customers, runaway expense and in worst cases, litigation, by understanding the core elements and decisions in commission design, management and optimization. Aon Hewitt’s Sales Force Effectiveness Practice leader will introduce a framework to help make large, complex, cross-functional decisions about commissions smaller and simpler. This material will also use real company examples to highlight best and worst practices.


Runtime: 89 minutes
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Agenda

Issues With Commissions in Today's Market

Methods and Metrics for Commission Program Assessment

  • Root Business Issues
  • Building a Scorecard From Guiding Principles
  • Gaining Consensus on Redesign

Steps to Strategic Commission Plan Design

  • Competitiveness – Level, Mix, Upside
  • Execution – Eligibility, Performance Metrics, Goals, Formula Mechanics
  • Administration – Crediting Rules, Payment Frequency, Policies

Broader Governance of Commission Plans

  • Accuracy
  • Accountability
  • Alignment

Questions and Answers

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on March 17, 2017.

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  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 1.5 hours of continuing professional education.
     
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  • Those applying for AIA and HRCI must view 100% of the program and answer the questions following the program.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Scott Sands

Scott Sands

Aon

  • Sales Force Effectiveness Practice leader for Aon, a global consulting firm with 60,000 employees
  • More than 20 years of experience in professional services and specific expertise in market segmentation, sales process improvement, sales organization design, sales role definition, goal and quota allocation, and incentive plan design
  • Consulted with companies in technology, pharmaceutical, insurance, banking, energy and professional services industries
  • Co-wrote Sales Compensation Essentials, the WorldatWork’s bestselling book of 2006 on the subject, and speaks at many national conferences
  • M.B.A. degree, focus in marketing and organizational effectiveness, The University of Texas; B.E. degree in electrical engineering and mathematics, Vanderbilt University
  • Can be contacted at 404-276-7876 or [email protected]
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Product ID: 399714
Published 2017
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