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Figure 5-34 Commission Rates by Stratified Sales Segments
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Observations Stratification can provide the right type of payouts, but defending the lower rates for higher positions will require continual explanation
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As we have seen, commission pay plans provide an absolute rate for sales production Bonus formula techniques, on the other hand, pay for relative performance against a percent of quota attainment In this
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manner, actual sales production is translated to a percent of quota accomplishment and the payout rate is expressed as a function of this performance to goal percent Figure 5-35 illustrates how bonus formula equalizes earning opportunities
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Territories Territory A Territory B Territory C
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Sales Volume $4,500,000 $2,300,000 $9,300,000
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Incentive Payment at 100% to Quota $40,000 $40,000 $40,000
Figure 5-35 Bonus Formula Technique Example
A bonus formula allows sales management to pay for sales results as a percent of quota rather than a percent of actual sales production There are numerous reasons for doing this, but the most compelling reason is that actual sales volume production does not always equate to sales efforts For example, the size of large territories may be a function of account buying patterns rather than the persuasive selling skills of the salesperson To equalize earning opportunities and to be considered a bonus formula, the following must be present:
A target incentive earning amount, such as a flat dollar amount, percent of base salary, percent of total target compensation, or percent of a pool of monies A quota An incentive formula expressed as a portion of the target incentive amount for percent accomplishment of target quota
In all the examples that follow, sales production is expressed as a percent of 100 percent to quota and not actual dollar, margin, or unit sales as illustrated in Figure 5-36
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Formula Types
High
Compensation Target Bonus Formula Expressed as x % of Sales Production Low Low Target 100% Percent of Sales Production High
Figure 5-36 Bonus Formula: Expressed as Performance to 100% of Goal
Sales Representative TI-Bonus sample plan designs that will be described include: C7 Bonus Formula Step C8 Bonus Formula Rate 9A Link Bonus Hurdle 9B Link Bonus Multiplier 9C Link Bonus Matrix 10 Bonus with Drop-In Commission 11 Management by Objective (MBO)/Key Sales Objective (KSO) Plan
Sales Representative: 7 Bonus Formula Step
The most common bonus application is the step bonus formula (see Figure 5-37) Higher earnings, expressed as a percent of the target incentive, are provided for higher percent performance to quota on a step basis
TLFeBOOK
Five
High
Compensation Target
Low Low Target-100% Percent of Sales Production High
Figure 5-37 Sales Rep: 7 Step-Based Bonus
This step bonus formula (see Figure 5-38) has a threshold and a cap There is no interpretation between steps Performance between steps pays the rate of the lower step
Component Part 1: Base Salary
Bonus Formula Step Annual Base Salary $65,000 Bonus paid as a percent of base salary:
Part 2: Bonus Schedule
Sales Performance Percent to Goal 150% and over 125% to 149% 110% to 124% 105% to 109% 100% to 104% 90% to 99% 80% to 89% Below 80%
Bonus: % of Base Salary 105% 85% 65% 50% 35% 15% 5% 0
Figure 5-38 Step Bonus Formula
Figure 5-39 is the same structure but uses target incentive instead of base salary as the payout basis
TLFeBOOK
Formula Types
Component Part 1: Base Salary Bonus Formula Step Annual Target Incentive $22,750
Bonus paid as a percent of target incentive: Part 2: Bonus Schedule Sales Performance Percent to Goal 150% and over 125% to 149% 110% to 124% 105% to 109% 100% to 104% 90% to 99% 80% to 89% Below 80% Bonus: % of Target Incentive 300% 245% 185% 142% 100% 45% 15% 0
Figure 5-39 Step Bonus Formula Using Target Incentive
In both step bonus formulas presented, the payout amounts are very similarThe only change is the basis used for the target incentive base salary is used in the first example and target incentive is used in the second example Both approaches are effective One elevates the importance of the base salary, while the other ignores the base salary and places significant emphasis on the target incentive amountWhen using the target incentive amount, the dollars can be equal for all sales personnel in the same job or can vary based on sales management s value of the territory and contribution of the salesperson
Observations A step bonus formula is a popular means to equalize territories and provide varying payouts based on quota performance The use of steps usually occurs when the performance range is wide and quotasetting confidence is moderate
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