Benefits Of An Effective Total Rewards Program

Managers in many cases are presented with sales incentives in a retail environment. These incentives may range from free products, to cash prizes, to trips, bonuses, etc.

1. When it is difficult to determine the effect of a salesperson’s effort son sales rather than pay any incentive through commission it is better to use a bonus with salary as part of the compensation package

Introduction: In this assignment I will be giving information the following point talk about each sales staff must do or be like when working for these different scenarios. Also I have included the sales technique out of four of them: Cold-calling, Face to face, Telemarketing and drop in visits. Also I have included their own personal interpersonal skills of what it takes to be a sales staff to be working for those scenarios, I have also included examples and relevant pictures.

Compensating the organizations sales staff through the use properly designed performance pay will lead to profitable sales for the organization. Once again linking compensation to performance will benefit the organization in its ability to pay. It is important to design the compensation of the sales staff in a manner that encompasses all of the organizations goals as communicating with production staff will be a key component of the High Involvement Strategy, and it is important for the organization to demonstrate a commitment to the sales team that the relationship is not just purely financial. Therefore direct compensation for them should consist of a minimum base salary upon which their commissions are added.

National sales rep: All the benefits and reward systems the company provided made a huge impact on job performance. The

Specific Praise. Specific praise includes verbal or written statements to a student that recognize a desired or correct behavior. Praise can function as a tool for instruction and for increasing social and academic behaviors. To be effective, the student must view the attention provided through praise as pleasurable or motivational (Curran, 2017). Specific praise promoted more on‐task behavior than positive praise and significantly increased academic self‐concept (Bizo, 2004). Offering specific praise will help Sam because it sends a message that the teacher is aware of the effort he is putting into staying on task. As time goes on, Sam will desire the teacher’s positive statements. He understands that the statements are the result of him remaining on task and reaching his six-week goal. Sam will also develop an understanding of how to meet the teacher’s expectation. In the end, Sam will mature and advance in his academics. As he matures, the need for constant specific praise will become unnecessary. The added benefit of specific praise is to the teacher. The high levels of stress and emotional exhaustion while attempting to teach in the classroom with Sam will diminish as he progresses.

Salary plus commission and bonus is the most widely used sale force plan. It is common for employees to be motivated by financial gain. This type of sales force allows organizations to directly reward those behaviors that best support their organizational strategy. This system is adaptable and allows organizations

Although your old life contains many memories you may wish to forget, you must remember the determination and commitment you always brought to your work. Your desire to succeed first manifested itself at a very young age, but unfortunately your environment did not offer you opportunities to use your good qualities in a positive fashion. However, today, in the field of sales, the same determination that allowed you to succeed in the world of crime can also allow you to excel as a salesperson.

The six features of an effective total rewards program include: focusing on alignment, taking the employees views into account, measuring / managing costs, the greater use of incentive based pay, having effective communication / education and managing the reward program. The combination of these factors is helping firms to more efficiently monitor the sales force.

The effectiveness of a total rewards program is determined by the specific practices organizations use. However, the process of implementing these programs is laden with challenges. As such, an organization ignores these challenges at its own peril. This paper seeks to recommend changes to the Burlington Coat Factory’s total rewards program and provide plans for communicating these changes in addition to the risks and opportunities emanating from these reward programs.

Insight Squared Blog offered useful information in terms of some of the skills that are required to be a sales person. Product knowledge, strategic prospecting skills, rapport building on the call, buyer-seller agreement, and active listening are the the top 5 on the list of 14 skills a sales professional should master. (2) One that uniquely relates to me is product knowledge. Being able to relate to the customer is essential when selling a product. The reason this skill uniquely relates to me as I have abundant knowledge about the farm machinery and implements. This would be very advantageous in my opinion because I could relate with potential buyers and share my experiences of operating similar equipment to which I would be selling.

Salespeople can earn cash rewards under two incentive plans: the first one is a total $10,400 paid to five salespeople that had significantly increased in sales volume over previous year. The second plan is a weekly sales increase award for each week in which their sales volume compare than previous year. The company’s comptroller and production manager submit a new compensation plan proposals. The new proposal will discontinue these current incentive plans in effect.

The current motivational model at AccountBack was designed for a sales force consisting primarily of individuals that have been moved up from other sales or product management positions within the organization. There are a few that have come from competitors. The motivational model in place is based on extrinsic reward for performance. Half of the sales executives’ compensation package is commission on sales the other half is base pay. Incentives are used after target sales are reached. Base pay can be adjusted up only after target sales and personally established developmental objectives are met for the year. Should the regional office meet the regional goals all sales employees are given a common bonus. Annual sales compensation packages ranged from $100,000 to $1,000,000 for the first year to the most senior. (Hill, June 10, 2013, p. 3) Peterson had modified this slightly to incorporate some more intrinsic rewards based on team building. She fed the egos need of personal accomplishment (Harvard Business School, 2006, p. 11) by both establishing challenges with high sales targets and openly communicating her confidence in the group’s ability to attain them. Other than this slight modification, the existing model remained the same as it has always been.

In the past, salesperson would go from door to door attempting to persuade customers to buy his products. A salesperson uses tactics to win over the customers or to increase dealer satisfaction. Persuasion is short-term action plan flowing from the strategy. A salesperson had to be good at tactics if he wanted to succeed. A salesperson is a changed agent in the market, (Noon, 2016, para 2). He is who introduces new products ideas and influences the life-styles and consumption patterns by making new products and services available and influencing opinion leaders to accept them. The role of a salesperson today is more

Today, corporations are under extreme pressure to identify and apply strategies that will prove competent in improving employee efficiency. With the present ambiguity in the economy, tied with an emphasis on customer-satisfaction and long-term business relationships, there is renewed attention in the motivation of sales agents. Social science literature, specifically in sales management and organizational behavior has long acknowledged the critical significance of incentives and rewards as ways of motivating the sales force.