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Complete guide to sales force compensation: how to plan salaries, commissions, bonuses, quotas... Everything needed to achieve top sales results

Author: Carey, James F. Publisher: Business One Irwin, 1992.Language: EnglishDescription: 311 p. : Graphs ; 24 cm.ISBN: 1556236964Type of document: Book Bibliography/Index:
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HF5438.4 .C37 1992
(Browse shelf)
001209455
Available 001209455
Total holds: 0

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Complete Guide to Sales Force Compensation How to Plan Salaries, Commissions, Bonuses, Quotas ... Everything Needed to Achieve Top Sales Results Contents Chapter One SETTING THE COURSE A Destination, 1 Objectives, Strategy, Goals, 2 Plan Design, 3 Circular Process, 4 1 The People Factor, 5 Selection, 5 Training, 5 Supervision, 6 Compensation, 6 Sales Gain Potential, 6 Motive Power Method, 7 Motivation First, 8 Ordinary Salespeople, 8 Money's Role, 9 Need for Achievement, 9 Goals, 11 Rules, 11 Rewards, 12 The Steps, 13 Fact-finding, 13 Defining Objectives, 14 Developing Plan Elements, 18 Testing, Revising, Retesting, 19 Documenting and Communicating, 20 Terms Used, 22 Checklist for Setting the Course, 23 Chapter Two PAY PLAN TYPES Straight Salary, 25 Salary and Motivation, 26 Sales Credit not Traced, 27 Sales Role Unclear, 27 Team Selling, 28 Long-term Orientation, 28 Order Taking, 28 Infrequent Sales, 28 No Sales Forecast, 29 Reluctant Salespeople, 29 Trainees, 29 25 Straight Commission, 30 Minimum Wage, 30 Risk, 31 Commission and Motivation, 32 Salesperson not Controlled, 32 Salesperson Determines Sales, 33 No Salary or Draw Expected, 33 Company Resources Limited, 33 Commission-With-Draw, 34 Draw and Motivation, 34 Survival Pay, 35 Salary-Plus-Incentive, 35 Salary, Incentive, and Motivation, 36 Widely Used, 36 Bonus, 37 Bonus and Motivation, 38 Checklist for Pay Plan Types, 39 Chapter Three PAY TARGETS Which Approach? 41 Affordability, 42 41 Super Reward, 43 Uniformity, 43 Balanced, 44 Competitive Pay, 45 Survey Sources, 45 Published Surveys, 46 Do-It-Yourself Surveys, 48 Consultant Surveys, 49 Using a Survey, 49 Select, 51 Equate, 51 Beware, 52 Adjust, 52 Normal Pay Target, 55 At Survey Median, 56 Above Survey Median, 56 Below Survey Median, 57 Company Current Pay, 57 High Pay Target, 60 High Pay and Motivation, 60 Marginal Pay Target, 61 Survival Pay, 61 Salary, 62 Sales Targets, 63 Normal Sales, 63 Marginal and High Sales, 64 Multiple Criteria, 66 Checklist for Pay Targets, 66 Chapter Four INCENTIVE PAY CRITERIA Selecting the Criteria, 70 Dollar Sales Volume, 71 Unit Sales, 71 Gross Profit, 71 69 New Accounts, 72 Product Mix, 73 Multi-Item Orders, 74 Special-Item Sales, 74 Consistently High Results, 74 Market Share, 75 Milestones, 75 Subjective Criteria, 76 Job-Related, 76 Results or Behavior, 76 Specific, 77 Defined Rating, 77 Discretionary Bonus, 77 Group Criteria, 78 Team Selling, 78 Luck of the Draw, 79 Sales not Credited, 79 Criterion Base, 79 Absolute Measure, 80 Relative Measure, 80 Percent-Variable versus Dollar-Variable, 82 Point System, 84 Checklist for Incentive Pay Criteria, 85 Chapter Five INCENTIVE FORMULAS Flat-Rate Formula, 87 Set-Aside Formula, 88 Progressive-Rate Formula, 90 Step-Up Formula, 93 Step-Rate Formula, 94 Declining-Rate Formula, 96 Formula Development, 98 Working Backward, 99 87 Alternative Formulas, 102 Changing Targets, 105 Formula Testing, 106 Negative Balance, 107 Zero-Balance, 108 Carry-Forward, 108 Checklist for Incentive Formulas, 109 Chapter Six PAY VARIANCE The Flat Beer Case, 111 What Pay Variance Means, 112 Measuring Pay Variance, 113 Compile Records, 113 Calculate Total Pay, 114 Calculate Variances, 114 Calculate Mean Variance, 115 111 Low Limit, 116 High Limit, 117 Amount of Pay, 118 Incentive Periods, 120 Personality, 121 Incentive/Salary Ratio, 122 Controlling Pay Variance, 123 A Hazard, 124 Checklist for Pay Variance, 125 Chapter Seven SALARIES AND DRAWS Draws, 128 Draw Amount, 129 Accounting for Draws, 130 Inside Straight, 131 Guarantee, 132 127 Solving Draw Problems, 134 Salaries, 134 Single Rate, 135 Territory Rate, 135 Performance Rate, 136 Experience Rate, 136 Caution, 138 Checklist for Salaries and Draws, 139 Chapter Eight BONUSES, CONTESTS, AND AWARDS Bonuses, 142 Bonus Criteria, 142 Bonus Timing, 143 Bonus Size, 144 Risk, 145 Document, 145 Discretionary Bonus, 145 141 Awards, 146 Publicize Awards, 147 Prizes, Prizes, 148 Checklist for Bonuses, Contests, and Awards, 149 Chapter Nine TERRITORIES AND QUOTAS Territories, 152 Use of Territories, 152 Setting Territories, 153 Changing Territories, 154 151 Quotas, 155 Setting Quotas, 156 Buying Power, 159 Demographic, 159 Economic, 160 Distribution, 160 Appeal Process, 161 Checklist for Territories and Quotas, 161 Chapter Ten WINDFALL SALES Views Differ, 163 Control Methods, 164 Negotiated Commission, 165 Commission Limit, 166 Carry-Forward, 168 Declining-Rate, 168 163 Checklist for Windfall Sales, 171 Chapter Eleven COSTING AND AUDITING THE PLAN Costing, 174 Cost Analysis, 174 Special Analysis, 177 Cost Too High, 178 173 Auditing, 181 Sales, 181 Cost, 182 Quality, 183 Salespeople, 183 Checklist for Costing and Auditing the Plan, 185 Chapter Twelve PAY PLAN DOCUMENT The Need, 187 Writing, 189 Topics, 191 Summary, 191 Eligibility, 192 Salary, 194 Draw or Guarantee, 195 187 Quota, 196 Commission or Incentive Pay, 197 Bonus, 199 Territory, 201 Split Sales, 202 House Accounts, 203 Windfall Sales, 203 Special Duties, 204 Benefits, 204 Expenses, 205 Termination, 205 Changes, 206 Rights and Limitations, 207 Transition, 208 Signature, 209 Examples, 211 Checklist for the Pay Plan Document, 212 Chapter Thirteen LAUNCHING THE NEW PLAN Transition, 213 Change Commission from Booking to Billing, 214 Reduction of Salary, 214 Change of Incentive Formula, 215 Reduction of Total Earnings, 215 213 Administration, 217 Presentation, 217 Videotape Presentation, 218 Video Conferencing, 219 The Meeting, 219 Visual Aids, 219 Transparencies, 220 Handouts, 220 Questions, 220 Surprise, 221 Monitor, 221 Checklist for Launching the New Plan, 223 Chapter Fourteen TRAINEE PAY Cost of Trainees, 225 Two Approaches, 226 Trainee Pay Objectives, 227 Attract Enough Applicants, 227 Attract Quality Applicants, 228 Encourage Complete Training, 229 Encourage Rapid Progress, 229 Sustain Satisfactory Trainees, 229 Keep Costs Reasonable, 230 225 Trainee Pay Features, 231 Salary During Training, 231 Adjusted Incentive Pay, 232 No Debt, 232 Graduation, 232 Competitive Trainee Pay, 232 Learning Curve, 233 Monthly Sales Records, 233 Median Sales by Month, 234 Graph, 235 Learning Curve Analysis, 235 Trainee Pay Formula, 238 Limitations, 241 Checklist for Trainee Pay, 241 Chapter Fifteen MANAGER PAY Manager Pay Aims, 244 Salary, 245 Override on Total Sales, 246 Override on Average Sales, 246 243 Pay Variance, 247 Manager's Sales, 248 Total Team Results, 249 Management Bonus, 250 Long-Term Incentives, 251 Yearly Awards, 251 Performance Base, 251 Vesting, 252 Checklist for Manager Pay, 252 Chapter Sixteen SPECIAL ISSUES Retailing, 255 Salary, 256 Incentive Pay, 257 Criteria, 258 255 Independent Reps, 259 Advantages, 259 Disadvantages, 259 Influence, 260 Solo versus Organization, 260 Method, 261 Long Cycle, 262 Residual-Sales, 263 Not an Issue, 264 An Issue, 264 A Problem, 265 Moderation, 265 Limited Supply, 265 New Product, 266 Excessive Pay, 267 Too Much Pay?, 268 How Many Overpaid?, 268 Amount of Excess?, 269 Ease the Pain, 269 Automobiles, 270 Company Car, 270 Employee Car, 272 Appendix A Anonymous Company, Inc. Sales Pay Plan, 275 Appendix B Blank Corporation Sales Compensation Plan, 283 Appendix C Gear Case Company Regional Sales Manager Pay Plan, 291 Glossary, 305 Index, 307

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