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The merit pay system provides one means to recognize sales resultsThe annual increase program can be calibrated to reward those with higher sales results Another method is to provide pay steps for sustained sales performance
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In a base salary step plan, higher levels of base salary are available for those who sustain a predetermined sales level In the simplest model, as illustrated in Figure 5-52, the base salary for the new year is established by sales performance in the previous year
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$65,000 $70,000 $95,000 $110,000
Figure 5-52 13 Base Salary Step Plan
Observations Varying the base salary depending on the previous year s performance provides a good reward to excel Unfortunately, for these models to work effectively, base pay must be reduced if the level of sales performance drops into a lower category This event will most likely trigger significant terminations For some professional service firms, sales results are rewarded with promotions and eventual partnership without the use of sales compensation
Summary
While the list of incentive formulas in this chapter seems extensive and complete, it actually only represents the building blocks of incentive formula design The combination of these different components gives the full palette of choicesThe number of configurations is almost unlimited However, limiting the number of performance measures to three or fewer precludes the occurrence of overly complex designs
TLFeBOOK
Formula Construction
Sales compensation formula construction is all about mathematics Fortunately, it s not very complex and is easily mastered First, we will examine the fundamentals of constructing sales compensation formulas Then, we will examine the economics of sales compensation for income producers Finally, we will examine how to build target incentive commission and bonus formulas for sales representatives
Fundamentals of Sales Compensation Formulas
compensation performance payout rate
The payout rate is calculated by dividing the compensation amount by the performance amount Using our payout graph (see Figure 6-1), we see the target compensation is $100,000 and the expected performance is $2,000,000
$300,000
Compensation
Target $100,000 5% A
$2,000,000 Target
$4,500,000
Sales Production
Figure 6-1 Flat Commission Formula Graph 105
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TLFeBOOK
Six
The formula to calculate the payout rate (also known as the slope in the math world) is to simply divide the pay by the performance, or A divided by B, presented as a calculation: A compensation B performance payout rate (slope)
Here is the formula expressed as numbers: $100,000 $2,000,000 100 5%
Multiply by 100 to move the decimal point to change the resulting division outcome from 05 to 5% for notation purposes The flat commission schedule (see Figure 6-2) displays the sales compensation plan when published for sales personnel
Component
Flat Commission Schedule Sales Performance All Sales Commission Rate 5%
Commission Rate
Figure 6-2 Flat Commission Schedule
As illustrated in Figure 6-3, to calculate a second (progressive or regressive) payout rate, simply replicate the same calculation for the new upside pay opportunity and expected upside performance range The second payout rate is calculated using the same formula model Because the first payout rate of 5% paid $100,000 for the first performance range of $2,000,000, eliminate these numbers from the equation when calculating the second payout rate C compensation = payout rate D performance Or, the actual numbers: $300,000 $4,500,000 $100,000 $2,000,000 100 8%
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$300,000 8% C = $200,000
Compensation
$100,000 5% D = $25M $2,000,000 $4,500,000
Sales Production
Figure 6-3 Straight Commission 2nd Rate Formula Graph
The subtractions of $100,000 of target pay and $2,000,000 for target performance leaves the following division of upside compensation divided by upside performance: $200,000 $2,500,000 100 8%
The incentive plan pays 5 cents for every dollar of sales up to and including $2,000,000 and 8 cents for every dollar over $2,000,000 in sales Figure 6-4 displays this commission schedule
Component Progressive Ramp Commission Schedule Sales Performance To $2M Over $2M Commission Rate 5% 8%
Commission Rate
1st Commission Rate 2nd Commission Rate
Figure 6-4 Progressive Ramp Commission Schedule
For sales efforts that achieve $2,000,000 in sales, the payout is $100,000 For those sellers who close $4,500,000 in business, the sales compensation program will pay $300,000
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