Incentive compensation is a key element in directing and motivating the sales force. Poor administration has undermined many otherwise well-designed incentive plans, and led to significant performance loss on the part of a distracted and unmotivated sales force.
XL Group can pull appropriate sales data and manage incentive calculations for any compensation program employed, such as:
- Peer Ranking
- Sales vs. Quota
- Sales vs. Forecast
- Market Share Weighted Against Volume
Bonus calculation files can be exported to managers for review before being sent to the payroll department. Incentive projections can be communicated throughout an incentive period (as opposed to just at the end) to inform sales personnel of their progress-and boost the effectiveness of the program.
Other award criteria can be linked and reported along with the compensation reports, such as year-to-date rankings. Reports can be posted to either the web portal or mobile application.
Challenges that are readily surmounted by XL Group systems and processes are:
- Maintaining accuracy amid myriad calculations, special cases, and exceptions required in the administration of an incentive compensation plan
- Reporting that is clear and motivational, with payouts consistently delivered on time
- Consistently satisfying Sarbanes-Oxley and other compliance standards
- Managing other compensation processes such as goal and objective setting
- Adapting compensation systems and processes to meet evolving business situations such as changing sales models, incentive plans, sales force make-up, and technology requirements