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Incentive Compensation Management


Within SPM, Synygy has a strong focus on the management of incentive compensation plans for salespeople and other sales channels.

Synygy’s incentive compensation management (ICM) solutions include:

  • goals and quotas
  • alignments and crediting
  • commissions and variable pay
  • eligibility, draws, and guarantees
  • rewards and recognition
  • disputes and inquiries
  • modeling and simulation
  • auditing and compliance

Sales Compensation Management

There are many types of sales compensation that vary based on sales performance, including:

  • base pay adjustment
  • merit increases
  • royalties
  • performance-based bonuses
  • individual achievement bonuses
  • team, group, and corporate bonuses
  • contests
  • spiffs
  • non-cash rewards
  • point programs
  • performance-based benefits
  • long-term incentives
  • equity and stock options

Challenges

When organizations poorly manage incentive compensation, they may face the following
common challenges:

  • strategic misalignment because of an inability to effectively implement and manage desired incentive compensation plans and processes
  • misunderstood plans that cause salespeople to misinterpret their performance and what they need to do to succeed
  • errors in results due to manual and inconsistent validation of incentive compensation data and calculations
  • lack of information to make strategic decisions due to an inability to effectively provide sales management with critical sales performance information
  • inability to adapt as a result of inflexible systems and a failure to recognize when changes to plans and processes are necessary
  • process inconsistency that exacerbates all of the other problems and causes further errors and delays

Solution

To overcome these incentive compensation management challenges, companies need the ability to:

  • design, model, and implement incentive compensation plans and processes that are aligned with organizational goals and strategy
  • design, produce, and deliver understandable sales compensation, reward program, and bonus information to salespeople to drive and reinforce desired behaviors
  • identify, correct, and prevent recurring errors in data, calculations, and reports
  • deliver clear, meaningful, and timely incentive compensation information to sales managers and executives to help them make more informed decisions
  • quickly and accurately respond to desired changes to data, plans, reports, and workflows
  • centrally manage all incentive compensation plans and processes by applying best practices in process automation and change management
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