In a “normal predictable” year, most companies need to adjust their sales compensation plans when new products are introduced, if company goals change, or as their sales teams evolve. 2020 was anything but normal or predictable so you can imagine the angst and urgency businesses felt throughout this year when it came to updating their comp plans.
Should I adjust my team’s quotas? When should we update the base commission rate? How do we motivate the sales team without a SKO or President’s Club?
Anybody involved in managing sales compensation or sales performance was likely asking themselves these questions (along with how many rolls of toilet paper do I really need to buy) as they stared deeply into their 25-columns of spreadsheet chaos hoping for a Money Ball moment.
Handle any plan on CaptivateIQ
We’ve helped world-class companies like Intercom and Gong upgrade from spreadsheets to modernize their commission process. Instead of an error-prone process that involves downloading various reports from different systems, performing complex calculations in bulky spreadsheets, and emailing payouts to every sales member, CaptivateIQ automates the entire process so sales ops and finance leaders can focus on optimizing their comp plans instead of administering them.
I want to spend 80% of my time on analyzing impact vs. calculating commissions.
Jeff Merlin, Head of Strategic Finance, Harness
Need to change your team’s quotas? Update that across every comp plan in minutes instead of days.Want to update the base commission rate for your AEs? Simple. Just change the rate and have the data flow through.Not sure how to motivate your remote sales team? Give them accurate and transparent pay statements on how they’re performing.
Refresh comp plans in minutes
In a Q4 survey we ran with our business admins who manage their company’s sales commissions, 22% of them listed making plan changes as their biggest headache. If there are mid-year changes in the business or if comp plans need a refresher, you can imagine what a grueling process that could be to make all of those updates across every single plan.Well, we have some good news for you.
You can easily manage and update every input into your commission plans from one central location in CaptivateIQ! That includes:
- Adding new plan rules for any team member
- Assigning team members across various plans
- Updating values across existing plans (i.e. base commission rate, quotas, plan dates, group hierarchy, tier multipliers)
Our new Unified Employee Assumptions page will aggregate all of your plan rules and employee assignments in one place so you can quickly make bulk changes across any plan. Every update that you make will be highlighted in green so you can do a final gut check before publishing them.Managing new plan refreshes in a separate location? Simply upload a CSV with all of your changes and see those updates in CaptivateIQ immediately. You can also export this data as a CSV to make edits offline or to store it for your own record.
Keep track of all changes for future audits
While we’ve made it incredibly easy for business users to make plan refreshes as they see fit, we know how important it is to keep track of these changes for compliance and legal reasons. Don’t worry, we’ve got you covered. Every change or update that is made on any plan is captured on the page’s Audit Log. View a history of changes from the Audit Log to see details behind every update that happened. Your accountant will love you forever.
Supercharge sales reps with smarter comp plans
2020 is almost behind us and we hope that everyone goes into the new year feeling refreshed and ready to go. Making fast and flexible changes to compensation plans is probably not going on your list of new year’s resolutions but we can bet that motivating and driving sales performance will be one of your company goals.It’s easy to let your existing comp plans stay the same throughout the year because it’s such an undertaking to make updates to them. But experimenting with different plans and measuring how they’re actually impacting your sales team’s performance is one of the biggest drivers of success.We hope that by making it easier to make comp plan changes on CaptivateIQ, more businesses can focus on the levers that can help their business thrive instead of managing cumbersome tasks.