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Do your salespeople have the right stuff?
Transcript of Do your salespeople have the right stuff?
Tenure is best predictor of salary level
Merit increases have low variation from low to high Tenure-based salary Salary = Entitlement Actual skill level is the best predictor of salary level
Merit increases are strongly tied to new skill acquisition Competency-Based
Salaries Salary = Competency Mark Blessington Consulting Are long-term customer relationships important?
Does it take a long time for your salespeople to acquire full competency?
Do you want a higher return on your salary expenditure? Is it
change? Are your
aligned? Standard Salary Administration Set company-wide merit increase guidelines annually
Conduct annual performance reviews using company-wide program Strategic Salary Administration Case: Pharmaceuticals Long-term physician relationships lead to increased sales
Many years required to master selling to all physician types Situation: Define long-term sales career paths
Describe broad progression of competencies along each career path
Define quarterly and annual career development objectives
Create exceptionally wide salary ranges
Tie merit increases to competencies Solution: Case: Professional
Services Firm's strategic position based on technical expertise
Sales success often driven by senior executive relationships, a competitive weakness Situation: Define broad progression of expertise and relationship competencies, spanning entire careers
Define opportunities for career progression, from new to senior positions
Tie merit increases and promotions to competencies Solution: Salary increases are tied to skill acquisition and demonstration Establish broad salary ranges (e.g., 40% above and below salary midpoint)
Conduct quarterly competency-based performance discussions
Conduct annual competency-based salary reviews RESULT: for Sales Forces Most salespeople receive standard merit increases RESULT: