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Best Practices For Pay Transparency Around Your Sales Reps
- 4. Best Practices for Pay Transparency Around Your Sales Reps
- 5. Introductions 5 Grayson Morris CEO of Performio Dennis Dresser 3x CRO - Anaplan, Heap, Dialpad Lisa Wallace Co-Founder of Assemble
- 6. Today’s Agenda It all starts with a great sales plan How to communicate plans to reps How new Pay Transparency Laws may affect your company 6
- 7. Everyone wants this sales rep… …transparency around comp is critical to hiring and retaining these reps 7 Smashes quota Self-starter Consistently forecasts and delivers Team player Winner
- 8. Pay transparency starts with a great sales incentive plan Aligned with businesses objectives Simple & easy to understand Achievable targets + meaningful upside 8 No more than 3 components Aligned with the rep’s job
- 9. Effective plan communication is critical, but difficult 9 Builds trust with sales team Drives motivation & performance Avoids confusion Comes with many pitfalls
- 10. Use these 3 buckets when communicating your incentive plans 10 ● Performance Measures: What am I paid on? ● Quotas & Targets: what level of performance is expected of me? ● Territories: what customers can I pursue? ● Rates & accelerators: How much will I earn? Ensure you motivate performance ● Crediting & Eligibility criteria: what deals will I get paid on? ● Payout rules: how will what I’m paid differ from what I’ve earned? ● Clawbacks: what scenarios could this occur? Avoid future confusion & frustration ● Quota changes: what may trigger a change? ● Mid-year plan changes: should I expect anything to change? Be clear about when and why changes may occur
- 11. Provide a simple incentive plan calculator for your sales team 11
- 12. 12 Should you? …share average historical attainment of the team? Lightning Round: The tricky areas around pay transparency for salespeople …use current reps on the team as examples to others? …communicate to all roles at the same time? …be open to feedback from the team? …emphasize non-cash comp? (e.g. equity, perks, club, awards, SPIFs)
- 13. Pay transparency laws are here! Most do not require disclosure of non-salary compensation Most laws are vague on commissions and other benefit disclosures Make sure you’re clear on what you’re including in the job description Have a bias toward over-transparency CA, NY, NYC, WA, IL, CO have all implemented pay transparency laws this year 13
- 14. 14 Example of pay transparency in job descriptions
- 15. 15
Notas del editor
- Add in logos beneath photos
- Dennis for this one
- Add sub bullet under simplicity is key - no more than 3 components Discussion slide - ask Dennis what has he seen go wrong w/ comp plans 3rd point turn into - aligned w/ businesses objectives
- Need a new image New title - needs to be action oriented What are questions Dennis has asked in the interview process?
- Example of excel doc Communicate full value of sales plan Show success and exceptional success look like on this plan Screenshot of excel model Kill slide with copy - and redo. Screen shot of plan - Lisa to send me screen shots
- Example of excel doc Communicate full value of sales plan Show success and exceptional success look like on this plan Screenshot of excel model Kill slide with copy - and redo. Screen shot of plan - Lisa to send me screen shots
- Lightning round at the end - ask Dennis . Grayson to review the slides Animate each question - so they pop up individually
- Animate the headlines Change title to be more impactful Have 3 bullet points - slim down the copy Put placeholders in for bullet points ** want people to listen to what they are saying vs reading the slide Create seed questions for the end
- Animate the headlines Change title to be more impactful Have 3 bullet points - slim down the copy Put placeholders in for bullet points ** want people to listen to what they are saying vs reading the slide Create seed questions for the end