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About Incentive Compensation Management

Many sales organizations will reward their sales employees for their hard work by paying sales commissions based on the number of sales they make or bonuses if they meet quotas, and this is called sales incentive compensation. Companies can motivate and influence sales teams using incentive compensation, and the process of setting commission schedules to increase sales is referred to as incentive compensation management, or ICM. Strategies for effective incentive compensation management include rewarding higher-performing representatives, increasing commissions for sales in certain areas or product lines, as well as providing representatives with reports of their commission activity so that they can track their progress toward their goals. ICM software solutions can help with the back-end processes involved with tracking and managing sales commissions. Sales performance management or SPM is another term that is used by many in the business world, but SPM strategies involve many other elements besides incentive compensation management. SPM strategies often focus on tracking the sales process, providing representatives with ways to find new markets or sales leads, as well as managing non-monetary motivational programs. Sales performance management software solutions are also more concerned with providing representatives ways to track and manage the sales process rather than working with commission schedules and other aspects of ICM. Unfortunately, many companies can neglect ICM strategies in favor of SPM, and this can lead to problems between management, administrative staff and sales teams. When incentives aren't managed correctly, sales teams can lose faith in their employer, lack motivation and file payroll disputes if commission payments are wrong. When a sales representative files a payroll dispute, it can result in loss for the company in administrative costs. Over-payment of sales commissions based on inaccurate reporting of sales can also cost the company money. These are just a few of the reasons why companies need an incentive compensation management software solution that can accurately calculate payments, provide reliable reports to representatives and integrate with administrative software to eliminate incentive payment issues.

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