Incentive Compensation (IC) today continues to be a critical function in sales operations, and is one of the key levers for driving field force effectiveness. An effective organization should be able to leverage incentive compensation as a strategic tool to drive performance and, as a result, increased revenues. With proliferation of data sources, technologies, selling models and cost pressures, priorities are changing rapidly. IC team leaders today need to be aware of best practices that drive high impact and keep sales organization aligned with corporate sales goals.
Driving improvements in operations is always a journey. Some of the best practices are fairly easy to adopt, and some no doubt require a well thought out change management approach for institutionalization. But embracing even some of these best practices will have a large impact on cost of operations, agility and field experience – and also on how customers perceive the IC team!
At the PMSA Annual Conference, Asheesh Sharma, Senior Principal at Axtria hosted a poster presentation on the best practices for incentive compensation in pharma sales
The presentation will discuss three main areas of best practices:
Compensation Governance
What best practices are currently available to improve Incentive plan design and adjustment processes? Gain insights on how these processes can help support an objective approach for adjustments. How to create a culture to elevate sales incentive conversations across groups – call planning, territory alignments and field reports team, and create organization elements for governing incentive compensation.
Analytics
The presentation covered the best practices in quota setting analytics, plan health analytics, common data challenges, best practices in measuring incentive pay plan effectiveness and common approaches for annual awards.
Process
What are the key process elements to ensure integration with compliance, alignments, call planning, field reports, data providers and quicker response to changes in business.
The session concluded with the audience receiving a score card that can be used to map their current IC operations and suggestions for adopting these best practices.
Want to learn more about the best practices for incentive compensation management, get your copy of incentive compensation guide “The Axtria 5 Step Guide: Incentivize for Success”.
Click Here To Learn More About Axtria Incentive Compensation Benchmarking Study – 2020 Results
