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Incentive Compensation Management

Incentive compensation management (ICM) is vital for talent management in any organization. It involves identifying key performance indicators, designing an incentive plan, implementing it, and monitoring its effectiveness.

ICM creates and manages incentive compensation plans that help to motivate and reward employees for achieving specific goals. These plans align employee efforts with the company's objectives and can be a powerful tool for driving performance and increasing productivity.

Benefits of Incentive Management

Incentive management offers numerous benefits to both employees and employers. 

For employees, incentive compensation plans are a valuable source of motivation, providing a clear path to achieving specific goals and financial rewards. This boosts morale and job satisfaction, leading to higher productivity and better retention rates.

For employers, incentive compensation plans help attract and retain top talent, drive performance, and increase profitability. They also help align employee efforts with the company's overall strategy, ensuring everyone is working towards the same goals.

Types of Incentive Compensation

Several types of incentive compensation include bonuses, commissions, profit sharing, and stock options.

➼ Bonuses are typically a one-time payment to employees to achieve specific goals or targets.

➼ Commissions are a percentage of the sales revenue paid to salespeople for each sale they make.

➼ Profit sharing is a portion of the company's profits distributed to employees based on their performance.

➼ Stock options are the right to buy company stock at a set price, which can be a valuable incentive for employees.

Sales Incentive Management Softwares

Sales incentive management software is a tool that can help companies streamline the process of managing incentive compensation plans, particularly for sales teams. 

These tools can automate the tracking and calculating bonuses, commissions, and other incentive payments, making it easier for managers to monitor performance and payout incentives.

Sales incentive management software can also provide real-time data and analytics, allowing managers to make data-driven decisions about incentive compensation.

Designing Effective Incentive Compensation Plans

Designing effective incentive compensation plans requires careful consideration of several factors.

➼ First, the company must identify the key performance indicators (KPIs) it wants to incentivize.

➼ Second, it must design an incentive plan that aligns with these KPIs and motivates employees to achieve them.

➼ Third, it must implement and communicate the project to employees effectively.

➼ Finally, it must monitor and evaluate the plan's effectiveness and adjust as needed.

Effective incentive compensation plans should be simple, straightforward, and achievable, with meaningful and motivational rewards for employees.

Incentive Compensation Management Process

The incentive compensation management process typically involves several steps.

➼ First, the company must identify its KPIs to incentivize, such as sales targets, customer satisfaction ratings, or productivity metrics.

➼ Second, it must design an incentive plan that aligns with these KPIs, such as a commission structure for sales teams or profit-sharing for all employees.

➼ Third, it must implement the project and communicate it to employees effectively, ensuring everyone understands the goals and how they can achieve them.

➼ Fourth, it must monitor the plan's effectiveness and adjust based on performance data and employee feedback.

➼ Finally, it must evaluate the plan's overall effectiveness and make changes as necessary to ensure that it continues to motivate and reward employees effectively.

Features that makes KENNECT the best option

Query Management
System
IC reports and
real time tracking
Enterprise Grade Scalability
Intelligent Nudges
Custom Workflow Management
Seamless Integration with CRM, HRMs, ERP's
No Code plan builder
IC Simulator
Query Management
System
IC reports and
real time tracking
Enterprise Grade Scalability
Intelligent Nudges
Custom Workflow Management
Seamless Integration with CRM, HRMs, ERP's
No Code plan builder
IC Simulator

FAQs

How Does Kennect's Sales Incentive Compensation Management Software Help Businesses?

Kennect’s ICM solution helps you break the silos of legacy systems by collecting your data from multiple sources (spreadsheets or any other homegrown systems) and streamlining it into a single source of information. This macroscopic viewpoint makes your data usable, helping you make better business decisions. With all the relevant data in one place, sales managers can proceed to analyze it more deeply and give holistic insights.

How Does Kennect Help Businesses to Optimize their Incentive Compensation Plans?

With Kennect’s ICM solution, enterprises can use these features to take complete control of their comp plans -

1. Intuitive & no-code plan builder that allows you to save up to 80% of the time that goes into building complex plans.

2. Industry-first Commission Simulator that reps can use to plan their earnings by simulating their sales data and achieve real-time visibility.

3. Kennect supports 100+ integrations to bring you to speed in no time.

4. Interactive leaderboard that is easy to use and understand.

5. Intelligent nudges based on sales compensation enable your employees to stay motivated & keep pushing their limits.

How Much Does Kennect’s Sales Incentive Compensation Management Software Cost?

Kennect provides pricing options based entirely on the solutions your business requires, with the best-in-class support you deserve. Visit our pricing page to know more!

How Does Kennect's Incentive Compensation Management Software Work?

Kennect’s fully automated ICM solution leverages a data-driven approach to build, run and automate your incentive compensation plans to create transparency and achieve operational efficiency. Kennect helps you break the silos of your comp system by seamlessly integrating across CRM, ERP and HRIS.

How Do You Select The Best Incentive Compensation Management Software?

If your organization uses spreadsheets or a homegrown system, ask yourself these questions to make sure that the solution you choose is really automated and future-ready-

1. Is your solution built for integrations across CRM, ERP and HRIS?

2. Is your solution capable of change? Is your Incentive Compensation solution capable of incorporating changing business needs or does it break like most legacy systems would? 

3. Is it easy for your sales leaders and reps to interact with your solution?

4. Can your solution incorporate incentives like bonuses, spiffs, and MBOs?

Why Kennect?

Spreadsheets

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Time Consuming and Error prone
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Live tracking not available
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Complex process to manage and collate individual report
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Transparency on queries is non-existent and difficult to navigate
through mails
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Difficult to use data analytics
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Not Scalable

Legacy Systems

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Outdated and Complicated UI
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Limited Data Analytics
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Huge Integrations and professional fees
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Expert and costly resources to manage the systems
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Not built for SPM
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Difficult to adapt to your business requirements

Trusted By

Ajanta Pharma Logo Kennect
Zydus logo Kennect
Alkem logo Kennect

Our Blogs on Incentive Compensations

Boosting Profits: How Sales Revenue Planning Can Transform Your Business

October 12, 2023

Unlock Financial Success with Strategic Sales Revenue Planning Tips for Business Growth. Learn how to boost profits and achieve your goals.

Unlocking Success: A Comprehensive Guide to SDR Compensation Strategies

October 6, 2023

Boost sales team success with strategic SDR compensation plans. Discover trends, tips, and pay structures for top performance!

How Your Company Can Implement Broad-Based Compensation

September 12, 2023

Explore how broad-based compensation plans can boost employee motivation and drive organizational success. Learn more about effective strategies here.

A Comprehensive Guide to Different Types of Incentive Compensation

September 8, 2023

Utilize a variety of incentive compensation types that are intended to spark productivity to increase employee engagement.

Take control of your Incentives

Experience the freedom to customize and optimize your incentive structures, ensuring they align seamlessly with your business objectives.

Product showcase video: Demonstrating automation features for streamlined incentives

90X

faster calculations of sales Incentives

200+

hours saved by admin teams every month

80%

reduction in incentive related queries

Simplify Incentive Administration

Kennect transforms the way you handle incentives, offering a seamless, automated solution that streamlines your process end-to-end.

Dynamic Integrations for Real-Time Access to Data

Kennect provides real-time access to your data, integrating smoothly with your existing CRM, ERP, HRIS, and other data systems. Our platform ensures that your data is always updated, accurate, and easily accessible.

Advanced Data Management Made Simple

With Kennect, complex data processing is a thing of the past. Our platform allows you to import vast data sets, clean and adjust data, and merge various sources effortlessly – all through a user-friendly, no-code interface.

Unified Data Repository

Kennect serves as the definitive source for all your data, including employee details, quotas, and rates. Our system streamlines data validation and updates, making plan management more efficient and less prone to error.

Product showcase video: Demonstrating automation features for streamlined incentives

Adapt Quickly to Business Evolution

Stay agile with Kennect’s intuitive platform. Quickly modify compensation plans to align with your evolving business needs, ensuring your strategies are always current and competitive.

Intuitive No-Code Plan Customization

Modify your compensation plans with ease using our spreadsheet-like interface, built upon our robust, cloud-based infrastructure. Kennect offers the ideal blend of flexibility, user-friendliness, and scalability.

Design Tailored Incentive Plans

Break free from the constraints of standard templates. Kennect’s versatile platform lets you construct the ideal incentive plans for your business, utilizing our sophisticated logic-based modeling.

Real-Time Performance at Your Fingertips

Our cutting-edge calculation engine delivers real-time results, ensuring that your team always has the most updated commission information for efficient auditing, analysis, and transparency.

Product showcase video: Demonstrating automation features for streamlined incentives

Streamline Your Workflows

Kennect cuts through the complexity of daily administration, offering streamlined, automated workflows for all your incentive management needs

Automated Approvals & Dispute Resolution

Keep your processes flowing smoothly with automated, multi-level approvals and notifications. Resolve disputes quickly and maintain a comprehensive audit trail of all adjustments.

Efficient Document Handling

Automatically generate, distribute, and track compensation plan documents. Reduce errors, disputes, and risks associated with manual document management.

Comprehensive Payee Lifecycle Management

Automate the management of your sales roster throughout the lifecycle of your reps, from onboarding to departures and internal movements, reducing manual overhead and mitigating risks.

Product showcase video: Demonstrating automation features for streamlined incentives

Ensure Compliance with Ease

Kennect eases the burden of compliance, equipped with tools designed in collaboration with accounting experts

Automated Reporting for Key Standards

Easily comply with ASC 340/606, IFRS 15, and other accounting standards. Kennect allows you to model complex amortization schedules and perform detailed waterfall calculations, saving time and reducing complexity.

Detailed Audit Trails

Maintain compliance with detailed, exportable audit logs that record every action within Kennect, ensuring transparency and accountability.

Robust Access Controls

With role-based access controls, Kennect ensures that sensitive commission data is accessed only by authorized personnel, providing peace of mind and security in your compensation calculations.

Product showcase video: Demonstrating automation features for streamlined incentives

What

thinks

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Abhijit More

Head of Data Management, MIS & SFA

I am glad that we chose to do a pilot with Kennect and then went live for all 20 teams. After a year of using just the automation part, we now also seamlessly provide real-time incentive visibility to every sales rep

Testimonial Stars: Representing customer satisfaction with a five-star rating system for our product
Testimonial Swiper: Explore customer feedback and success stories in an interactive testimonial slider

Security and Compliance

Stay agile with Kennect’s intuitive platform. Quickly modify compensation plans to align with your evolving business needs, ensuring your strategies are always current and competitive.

Risk Mitigation and Compliance

Mitigate risks associated with non-compliance and potential legal issues using our ready to use reports in standard audit formats.

Enhanced Sales Security

Secure sales processes and maintain compliance with global and region-specific regulatory, financial, and security standards.

Financial integrity and transparency

Ensure sales and commission processes are compliant with ASC 606 and other policies

Product showcase video: Demonstrating automation features for streamlined incentives

With Kennect,
everyone wins!

Our platform brings a wave of transformative benefits to various teams within your company.

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Sales Reps

Enhance sales rep motivation and performance with instant insights.
Know More
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Sales Leadership

Provide sales leaders with tools and analytics for informed strategy.
Know More
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Finance & Compliance

Automate incentive calculations and provide audit-ready reports.
Know More
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Operations

Boost efficiency through simplified incentive management.
Know More

Learn More About what kennect can do

Robust Integrations

Operational Efficiency with Powerful Integrations

With our robust integrations, swift go-live capability, minimal IT dependency, and secure SSO access, we are setting a new standard for operational excellence.

Product showcase video: Demonstrating automation features for streamlined incentives

AI-Powered Nudges

AI-Powered Nudges for Increased Sales Performance

Transform your sales strategy with Kennect’s AI-Powered Nudges. Timely insights, personalized nudges, and seamless integration across platforms to empower your sales team to exceed their targets

Product showcase video: Demonstrating automation features for streamlined incentives

Query Management

Unified Query Lifecycle Management

Kennect ensures that your query lifecycle is managed seamlessly on a single platform, with complete audit trails for accountability. Move beyond the chaos of endless email chains to a structured, process-oriented system where every query finds its resolution swiftly and efficiently.

Product showcase video: Demonstrating automation features for streamlined incentives

ELT And Calculation Engine

High-Speed Processing and Calculations

Our ELT and Calculation Engine is designed to handle millions of calculations in minutes. With Kennect, complex plan creation becomes straightforward, adjustments to plan changes are seamless, and all without a single line of code.

Product showcase video: Demonstrating automation features for streamlined incentives

Explore latest trends.

Dive into our collection of resources and blogs. Stay up-to-date with industry insights.

How Sales Collaboration Strategies Boost Team Performance?

Blog —
February 23, 2024

How to Create and Hit your Sales Targets Effectively?

Blog —
February 22, 2024

What are The Strategies for Effective Customer Planning?

Blog —
February 20, 2024

Get a Personalised Demo!

Understand how Kennect can help your organization

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