Comprehensive Field Force Incentive Compensation Program For A Medical Device Company
Situation
U.S. based medical device manufacturer
Field basedincentive paymentswere not consistent with corporate goals and budgets
No set standards for monitoring success
Challenges
Sales and Marketing leadership differed on priorities and call cycle
Multiple marketing spiffs were affecting incentive plan balance
Many overlapping opportunities to earn money on similar objectives
No formal approval process in place to ensure timely and accurate payments
Approach
Axtria met with the sales and marketing teams to determine brand prioritization
Modeled multiple incentive metrics and made recommendations on best practices
Included opportunities for other program features such as ‘President’s’ Award, Top Sales Awards, Attrition Reduction kickers, and other motivational programs
Reviewed and received buy-in from senior management
Created a multi-layer process for approving and ensuring timely payments to all field associates
Developed and implemented a thorough training program to warrant understanding along with ‘tip’ sheets on how to maximize earnings
Result
Incentive payments became proportional to overall sales achievement
Sales effectiveness and comprehension of the incentive program improved considerably
The new incentive compensation program successfully aligned corporate objectives of senior leadership with the sales teams
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