Today’s market climate is dynamic, data-driven, digital, and destined to change dramatically. Sales reps need smart solutions that deliver real impact to meet customers’ changing demands. But they also want worthwhile incentives to perform at the top of their game.
Sales Comp ’24 had cutting-edge conversations and competitive connections to design and manage compensation plans that motivate sales teams and build customer loyalty with forward-thinking sales strategies and resources.
While visiting with Sales Comp ’24 attendees during the seminars, we were thrilled to host Tuesday’s Happy Hour.
“We had a wonderful time at the happy hour,” says Amy Cook, CMO and cofounder. “We had a packed house, great food and beverage, and an amazing view of the San Francisco skyline. I loved meeting with so many incredible professionals who are dedicating their careers to ensuring that compensation is fair and equitable. It was inspiring to talk with so many people who are changing work for the better.”
WorldatWork sits at the center of those conversations by sharing insight on these trends and much more. Here are some of the key takeaways from the event:
Embrace the Meteoric Rise of AI and Automation
AI is crucial in sales. It is essential in helping teams gather consumer data, forecast trends, and automate tasks. This technology supports the adoption of new sales strategies, particularly in incentive plans that reward the effective use of AI in sales processes.
Understand That Buyer Expectations Are Changing
More and more customers prefer self-service options, but they also demand personalized experiences. This trend requires sales teams to focus less on traditional “hunter” roles and more on providing value through product experience, service, and support.
Recognize that Pay-for-Performance is the New Focus
Many companies are revising their compensation plans to better align with strategic goals, such as profitability and sales strategy shifts. There is a growing emphasis on linking compensation directly to individual and business performance. However, when done manually, this task is overwhelming.
“The work and output of sales comp is often overlooked. It’s an underappreciated and overworked role,” said Ryan Bott, chief sales officer at Fullcast. “It’s not connected to revenue systems like CRM, and so it’s many times done in a vacuum and then thrown on the HRIS.”
Using technology to pinpoint performance factors is a blessing, but it’s a curse without it.
“To get sales comp right, they need to know geography, type of role, size of territory, deal length and size, etc., and then consider if it is equitable,” added Ryan. “And they need to understand quota to be able to deliver comp letters. But they don’t. These are very smart, sales-opps type people who come from the finance side (often FP&A) who can connect the dots for Rev Ops and the CRO, but they’re pigeoned into one tiny area.”
Invest In Skills Growth and Sales Enablement
As sales roles evolve, there’s a greater need for certifications and skills in digital selling and analytics. Sales compensation plans are being adjusted to incentivize continuous learning and mastery of new skills.
Review Cost Management and the Bottom Line
With revenue growth expected to rise, organizations are under pressure to manage costs effectively. This includes optimizing sales compensation costs while ensuring that a majority of sellers reach their quotas.
Fullcast allows these critical compensation teams to finally be connected to the sales model. It’s a living plan that they get to work in as an insider. “Our capacity planning module will sync all of their inputs to actual quotas, commission agreements, and now the HRIS. And this allows them to constantly plan, not just once a year,” said Ryan. “In other words, with Fullcast, they now have a seat at the table.”
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