One of the benefits of being a SiriusDecisions client is taking advantage of the numerous peer interaction opportunities available at our events, breakfasts and roundtables. These events provide a platform for busy b-to-b sales executives to share and learn from each other and build a professional network of sales leaders.
I recently facilitated a chief sales officer (CSO) roundtable in the Boston area to discuss key challenges around compensation and share ideas about how to design winning compensation plans. Here are four key takeaways from event.
Most CSOs lack a structured compensation design process to develop a simple, effective plan. CSOs typically go through a frustratingly long, complicated and disorganized process that often fails to include the right stakeholders and that doesn’t start with corporate goals and objectives in mind.
We recommend that our clients take a comprehensive view of compensation redesign and follow a 14-step process that we shared with the group to help address the issues raised above. This process will ensure that the compensation plan is aligned with company goals, motivates the right behaviors and helps sales leaders prioritize/make the right trade-offs.