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Incentive Compensation Management and Sales Mentorships

Mentorships are an important part of any Sales Performance Management (SPM) strategy, but they can be underutilized because many sales managers aren’t sure how to make a sales mentorship program work with existing sales Incentive Compensation Management (ICM) schedules. Mentorships can be hard to implement when ICM strategies aren’t accurate or based on actual sales data, and an automated ICM system can make sales mentorship programs a breeze. Many ICM strategies are based on the performance of individual sales representatives, where sales reps report their sales for the week via spreadsheets. The administrative staff then uses incentive schedules like quotas or sales commission schedules to generate incentive compensation payments. This is an inefficient system on many levels, and it can make it harder for sales managers to identify representatives who might need a mentor or compensate mentors for helping underperforming sales reps. However, an automated ICM system can change all of this. First, automated incentive compensation calculation software like Glocent uses hard sales data provided by the company to calculate commissions and bonuses. Using hard data on completed sales eliminates the company’s reliance on self-reported data and makes it easier for sales managers to accurately spot sales reps who are in need of mentoring. The Glocent system also allows sales managers to modify every part of a company’s ICM strategy. This means that they can input compensation for high performing sales representatives who choose to mentor underperforming team members. Not only can managers compensate mentors, they can also input sales performance rewards for sales team members as they improve and even reward mentors when the reps under them improve.

Transparency at the speed you do business!