What are the five things you could be doing with your time if you weren’t spending all of it running numbers? Your business card says you’re a sales compensation analyst, but I’m willing to bet you spend a lot of your day doing the work of a comp administrator.
What would you do if you could stop wasting time on administrative tasks and could do what you should be doing instead—optimizing plans for you company objectives? The market moves fast. You need to be responsive to changing conditions. You don’t have time to wait for a programmer to write new code for a new comp plan. It needs to happen over the weekend.
In a recent independent survey, 125 organizations ranked the top three administration challenges for sales compensation:
- Too many manual adjustments
- Complexity of the sales comp program
- Data security issues
You’re familiar with these pain points. But it’s possible to swap them out for gain points with commission tracking software. Ditch the role of number cruncher. Become a living, breathing comp analyst.
Recapture Your Focus
Say your competitor releases a new product. You know you could prevent your competitor from gaining market share if you could motivate your sales reps to close in-process deals that include competitive products.
With automation, you can automatically implement these SPIFs, putting extra money on any already-listed sales opportunities. Having the right sales compensation automation solution makes or breaks your ability to do this. Take GE Capital. Word on the industry street says it takes them one month to write a new comp plan with their automation tool.
Reclaim Your Role of Compensation Analyst
Eliminate administrative tasks and you’ll free up your time, allowing you to be more strategic. Here are five key tasks you could accomplish:
- Create versatile comp plans that sync with in-house performance objectives
- Set the right performance metrics for reps according to their unique roles
- Research market trends and place stronger emphasis on market penetration opportunities
- Work with clients to better assess their needs and alter your comp solutions accordingly
- Swap paperwork for increased flexibility and creativity
It’s time to close your spreadsheets and put the power of the latest sales comp automation systems to work.