You’ve got to put the right carrots in front of the Sales Reps to get them to deliver clients for the company. But what’s the best way? Pay too much & the company can’t make money. Pay too little and you lose your top talent. And there are a ton of variables all bouncing around. How do you make sense of it?
I sat down with Jackie Schneider, the CRO (Chief Revenue Officer) of Field Nation, a fast-growing technology company that matches field technicians with projects. Jackie has developed over 24 different Sales Compensation Plans for multiple companies. She will give the honest and candid answers to how to drive the results you are after. (Click Dynasty Leadership Podcast in iTunes or Dynasty Leadership Podcast for Android to find the podcast and subscribe.)Click To Tweet
What were the key takeaways?
[0:55] Find out more about Field Nation and the work Jackie does for this company.
[3:00] What are some of the downsides of working on a comp plan during the later stages of a company?
[3:35] When is the best time to work on a comp plan and why do you need so much time to prepare for a good comp plan?
[6:30] Jackie shares an example of what makes a good comp plan.
[8:50] How do you properly distribute a comp plan between different employees with different company roles?
[10:35] How much time should you dedicate to a comp plan before making tweaks and adjustments?
[12:05] What else does Jackie look for when trying to accurately fill in a comp plan?
[12:50] Jackie says to keep it simple. She tries to put no more than 3 quotas in her comp plan.
[14:05] How does Jackie plan for unexpected surprises and how does that get incorporated into the comp plan?
[17:00] Jackie discusses employee compensation.
[24:20] How Jackie knows when she has created an unsuccessful comp plan.
[27:40] How would Jackie design a comp plan when the company wants to target a particular zip code?
[34:05] Never pay for activity, pay for results.
[37:55] Jackie explains what she writes in the comp plan when she’s crafting it.
[41:30] Jackie usually waits till mid December to roll out the new comp plan.
[45:45] What are some common mistakes that happen in comp plans?
[48:45] Never have sales reps do collections. It just puts them in a lose-lose scenario.
[49:30] How not to deviate from the comp plan!