For a sales leader, building and retaining a team that drives growth is priority uno. There’s no doubt that offering a competitive salary is a great way to keep you in the running for the best candidates out there. As uncomplicated as this may sound, fairly compensating your team can turn out to be a real challenge.
Sometimes, competing against larger organizations for experienced and skilled employees may hamper your hiring process. This is especially true for smaller and newer businesses, who simply don’t have the resources.
To put it simply, total rewards are a sum of all the ways you compensate your team. This may include traditional ways to compensate employees like salary and non-traditional benefits like leadership training programs. Traditional and non-traditional offerings can also include-
Each component in this list holds significant importance, and when combined into a comprehensive total rewards package, it has the potential to attract and access a talent pool that was previously out of reach. Incentive compensation management empowers you to go beyond solely offering salary and effectively compete for top talent.
By doing this, it accomplishes the impossible- bringing the larger players and the new players into a similar level-playing field where they then have to actually compete to essentially be the ‘employer of choice’!
If you are still hesitating to dedicate your resources to building a Total Rewards strategy, here are a few reasons that may convince you otherwise-
The otherwise daunting process of implementing a Total Rewards strategy can be broken down into these four simple steps-
The starting point should be to assess your current benefits and analyze their effectiveness in helping the company achieve the set goals. The assessment may include surveying your employees regarding-
Your assessment report should be able to answer these questions-
You have the assessment report! Now what? The senior management team and HR will work in collaboration to decide what the plan will look like. They will refer to the assessment report and finalize the structure of the plan. The HR team will also determine additional benefits like-
At this stage-
The effectiveness of the new plan must be measured and the results communicated to company decision-makers. Based on this, modifications can be proposed to the strategy for the future.
No matter what your Total Rewards plan looks like, you can automate your sales comp process with Kennect’s solution.
Book a demo today to know more!