With most businesses having shifted to a partially or fully displaced workforce, employers need to come up with new and improved onboarding techniques to welcome remote workers. While it might seem like a similar process as an in-person orientation, remote onboarding can have its own unique challenges that businesses need to cater to. Overlooking those…
How to Develop a Sales Compensation Plan
Description: Not sure how to create a proper sales compensation plan for your small business? Here are some suggestions to get you started.
One of the keys to running a successful small business is developing a sales compensation plan — specifically one that’s good and fair. Unfortunately, many businesses don’t know how to develop a sales compensation plan.
In this post, we’ll set out to solve that problem. We’ll also delve into critical sales compensation plan details, such as setting goals, measuring performance, finding a balance between pay and incentives, and updating the plan to align with current market conditions.
Hiring a Salesperson? Start with a Better Sales Job Description
Great sales results start with great salespeople; so, when your organization needs to recruit and hire a top-quality salesperson, it pays to start with a hiring process that includes a strategically targeted salesperson job description.
Dangers of Making a Bad Hiring Decision
How important is the hiring process? Leadership and Success guru Peter Drucker once noted that “One third [of hiring decisions] are outright failures.” And yet, too many organizations take shortcuts and hope for the best while ignoring the risks of a bad hire:
Appreciating and Retaining Millennial Employees
Millennials (those people born between 1980 and 1996) are as important as they are different. They are important to American businesses because this group is the largest and fastest growing generation within the workforce. Moreover, as Baby Boomers (those born between 1946 and 1964) retire and exit the workforce, an employee shortage will be created in the United States that will continue to grow for at least the next 15 years.
So what can a company do to retain this important group of workers in their organization?
5 Sales Compensation Plan Mistakes that Damage Morale and Ruin Revenue
A well-designed sales compensation plan motivates superior sales rep performance and maximizes revenue. It empowers your reps to thrive when your company thrives, but also holds them accountable when personal objectives and measures of success fall short. As important as it is, mistakes in how to develop a sales compensation plan are common.
What’s your approach when hiring sales reps?
Companies often hire sales reps who have knowledge of, or even a passion for, the brand’s product or industry — which is great because it gives you a team of “walking brochures” who can spout off all the benefits of your product.
There are drawbacks, though.
While you can teach people about your product, you can’t teach them how to sell.
Improving Sales Success Starts with Your Sales Executive Hiring Process
Do you have a revolving door of sales executives? Are your sales reps behind plan? Employee retention and immediate performance are among the top concerns that hiring managers may have about new sales hires. But by making a few simple changes to your hiring and onboarding processes, you can greatly improve your team’s overall success in these areas.
How Effective Sales Leadership Training Delivers Results
A significant number of newly appointed sales managers find themselves lacking a major tool when assuming the role: sales leadership training. According to our Sales Agility Assessment, 94% of companies do very little sales training. Beyond that, more than half of small and midsize businesses don’t engage their salespeople in leadership training of any kind.
A sales cycle for a salesperson is predicated on cultivating and nurturing relationships, which are strengths any sales manager should possess. That time pounding the pavement and following up on leads, however, doesn’t provide new sales managers with the leadership tools they need to be effective.
Hire Now: Why a Hiring Freeze is the Wrong Move?
At times, it can seem like we face more questions than answers during this historic pandemic.
Some sales leaders are wondering specifically about their hiring strategies right now. They see constriction across the economy (the airline, food, retail, and hotel industries have been among the hardest hit by the coronavirus pandemic), and they want to know if they, too, should institute hiring freezes “until things settle down.”
Early this year, I attended a networking event in Maine with a panel of six top CEOs from the Portland area. The focus of the panel was “60 Ideas in 60 Minutes.” This was a fascinating group that provided anecdotes on what made their businesses so successful and identified the key drivers to their success. This group made me think about several of my favorite quotes such as: “Be open to the different and do not let fear hold you back,” “When it comes to people, slow is fast and fast is slow,” and “Culture is paramount.”