Moving away from manual compensation management is a step in the right direction when it comes to boosting sales performance. Learn why by listening to leaders from Xactly and Canidium talk about the before and after effects of implementing
This is a guest blog post written by Xactly customer, Katie Guest, WW Sales Compensation Manager at Carestream Health
At Carestream, we believe that companies need to incentivise their employees to ensure they feel motivated and appreciated. This isn’t just about creating a great place to work — it’s also key to driving great results for the business. Our sales team is an integral part of our company, we sell products and services to the medical industry.
Our business success depends on a motivated sales team. So how do we reward and incentivise our sales people? Without sounding mercenary, money is the key driver. Most sales people are motivated by money. Our revenue is dependent on our sales team, so ensuring we compensate them correctly is a vital part of our business.
Step 1: We Automated Compensation
At Carestream, we think that compensation needs to be taken as seriously as any other process in a company. It’s as important as an order processing system, a logistics system, or a financial management system. It needs to be calculated and handled accurately and professionally.
We have been using Xactly since 2008, and we wouldn’t want to work without it. It is more than just a calculation system for us; it has become an important part of our business management. I couldn’t imagine going back to the old ways.
Step 2: We Increased Transparency
Thanks to Xactly’s central repository, our data history is available at our fingertips. It provides a holistic view of sales performance both past and present, enabling us to forecast more accurately for the future. The transparency Xactly provides our sales people is invaluable, allowing them to accurately track their progress and results, and keeping them motivated to go that extra mile.
Step 3: We Aligned Sales Goals with Company Strategy
Having best-in-class practices for compensation management requires setting clear roles and responsibilities for the sales team and aligning their compensation plans to them. We can do this easily with Xactly. Also, linking compensation plans to our business strategy helps ensure that we’re driving the right behaviour to meet our strategic goals. It also makes project management easier in terms of rolling out plans, setting targets, communicating the objectives of the plan, and ensuring a successful outcome.
Bonus Step: We Continue to Refine Our Compensation Workflow
When looking at our objective to drive success in 2017, our focus will be to increase the communication and understanding of people's rewards even further. We also want to improve people’s awareness of the functionality they have in Xactly. At Carestream, we want our team to understand their plans one hundred percent, keep track of their progress, and use the available tools to predict their pay for future deals. We trust that this approach and these tools will help keep them motivated and focused on achieving their targets, which benefits them and the company as a whole.