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CompensationMaster has developed a process for developing and
introducing new compensation plans that minimizes disruption and helps you
retain virtually all of your sales representatives. Here's how we do it
Needs assessment
We interview key members of your team, from senior executives to branch management and selected sales associates. By involving key personnel early on, we build the confidence and trust that builds success.
Competitive/market analysis
We analyze the competitive factors in your market and determine the potential for growth as well as where your company may be vulnerable to competitors.
Financial assessment
We review your profit and loss statements and reconstruct them in our unique CompensationMaster software. We then calculate the correct breakeven points and entry levels for your current compensation plan. We also provide a competitive assessment, comparing your compensation plan to those of your competitors.
Design plans
Using all the information we've obtained, we design new compensation plans that meet your goals and are competitive for your market.
Risk analysis
Once the plans are designed, we run them through several tests. First, what are the implementation risks? We break your sales force into a number of groups and analyze the impact on each group. Given the market conditions and competition, whom are you most at risk of losing?
For example, if top producers have been subsidizing other members of the sales force and we equalize the plans, are you at risk of losing mid-level producers? Perhaps not, because no competitor in town has a better offer for mid-level people. But there might be a group of new recruits who are at risk.
Then we determine whether the plans can be administered. There are some accounting systems that can't handle certain types of plans.
Implementation
We introduce the new plans to your managers, educating and training them to sell the plan to your sales force. We provide one-on-one counseling for "high profile" sales associates as well as group sessions.
Post-implementation
Much like our compensation designs, we customize our services to meet your needs and ensure that the implementation and transition phases of the CompensationMaster system are successful.
Following this best-practices methodology for developing and introducing new compensation structures allows you to stay in control. You can project what your results will be ahead of time, and manage the whole process with confidence.
To learn more, schedule a demonstration over the Internet.
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