How to Avoid 15 Common Mistakes In Your 2017 Sales Compensation Plan That Stall Growth

One of the biggest compensation fears is over-paying for less-than-stellar results. What’s the root cause of this fear?A compensation plan that isn’t aligned with your growth objectives.

Are you one of many Business Owners or Sales Executives who realizes that you need to update your 2017 Compensation Plan? Then I invite you to read our complimentary 2016 Whitepaper, Compensation Compass: 15 Common Mistakes to Avoid in a Sales Compensation Plan. 

Last week, a president of a growing robotics business calls. He has just finished reading our eBook. I asked him which of the 15 common compensation mistakes leaped out at him. He said, “My fears were confirmed, Danita. I realize that our sales compensation plan is misaligned with our growth objectives. As a result, our plan rewards average performance, not top production.” Thankfully he ended the conversation with, “We’re making immediate updates to our plan.”How many of the 15 most common compensation mistakes are buried in your compensation plan?

The best time to overhaul outdated and ineffective compensation plans is now.
The majority of failed sales compensation plans I see do not address major issues such as:

• Aligning your compensation plan with your business strategic plan;
• Rewarding top production, not average; and,
• Encouraging changed behavior.

We also know that Millennials now make up the majority of the American workforce.  That’s why it is imperative to avoid the 15 most common compensation mistakes that drive the high-potential, tech-savvy Millennial superstars away from your business, leaving you stranded.

So, check out our Compensation Compass eBook.

Plus, also check out How To Hire Superior Sales DNA.  There are other important factors to consider when using your comp plan to hire the right sales people.
 
Leadership lesson: Update your 2017 compensation plan to avoid sabotaging your sales growth goals.

Leadership question: Is your 2017 compensation plan geared to reward top performers, or will you be over-paying for mediocre sales results?

​​© Copyright Danita Bye, 2016