When considering new markets, small businesses hardly think about international opportunities. While such businesses assess the next local customer segments to include in their sales strategy and consumers from neighboring states, the state and federal organizations wish small businesses would seize the many opportunities overseas.
For several decades now, businesses have used Incentive Compensation Management (ICM) solutions to calculate commissions and implement their sales compensation plans. However, as technology grows and company needs change, businesses are finding the need to switch to modern compensation management systems.
Let’s say that you are armed with surefire tips for designing a winning sales compensation plan. You’ve actually gone through all the necessary steps for creating a balanced sales comp plan. You even went further to consult a professional and now you are set for the project. How do you make sure the compensation plan you create is embraced by everyone?
Times change. Businesses change, and when they change for the better, they grow. Sales is often the biggest factor in a business' growth, and as such, many factors within sales are affected. One such factor is the sales compensation plan. A simple and straightforward sales compensation plan is what every Sales Manager is probably dreaming of. Unfortunately, sales compensation plans come in all shapes and sizes, and are often complex.
The future is at hand and we already have generation Y in the workforce now. In fact, by 2020, a majority of the workforce will be the millennials. According to PwC’s Global Generational Study, this younger generation is versatile, tech-savvy, and creative. It is easy to view them as restless but with their unique qualities, they join the workforce with unique expectations.