In-House Incentive Compensation Training
There are several reasons why companies may require in-house incentive compensation training. For example:
There are several reasons why companies may require in-house incentive compensation training. For example:
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§ The human resources organization may have been called upon to provide design support to various business units but does not have sufficient expertise to do so
§ Incentive plan design responsibility may be decentralized. Managers in various businesses or geographies who have little or no experience with incentive plan design may be called upon to develop plans for small groups as a relatively minor part of their jobs, but are not equipped to do it well § Sales managers must understand and support the incentive plan, and the rationale behind it, to their teams. Training that provides a working knowledge of incentive compensation theory and practice can enhance their ability to do so |
Incentive compensation training not only provides practical knowledge but also allows plan designers to share challenges and ideas and network with one another for future knowledge sharing.
The structure of an incentive compensation training session covers the theory and practice of incentive plan design and may cover all or part of the following, depending upon the needs of the organization:
The structure of an incentive compensation training session covers the theory and practice of incentive plan design and may cover all or part of the following, depending upon the needs of the organization:
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§ Motivational theory
§ Different types of sales roles § The purpose and objectives of incentive compensation and its role relative to other elements of the total rewards package § The incentive design process and how to structure a successful design project § Incentive compensation philosophy § Market pricing § Technical analysis of historical pay and performance data § How incentive plans should differ by type of sales role, by market maturity, by revenue type § Determining salary incentive mix and leverage § Different types of performance measures and when each is appropriate § Sales crediting alternatives § Different types of incentive forms and when each is appropriate § How to design payout curves and set commission rates § Quota setting methodology and process § Plan governance § Terms & conditions |
We work with clients to tailor incentive compensation training sessions of from one hour to two days.
