Employee being Evaluated

Looking Back at 2022: How SPM can Aid Your Review Process

At this point in the year, scrutinous companies review their sales performance against their targets and determine if any changes need to be made to their team if performance is lacking.  The challenge then becomes how do you perform these reviews? How do you identify areas of concern? These identified areas need to be properly understood first. What is causing these issues? How do you implement changes based on what you find? This half-year review can become a lengthy process and creates an unnecessary burden on administrators. One of the most efficient ways to review is by using a Sales Performance Management (SPM) solution.

To best review your business, you need a system that can effectively track the progress, successes, and shortcomings of your sales team.  You need to see the performance of your team against their sales targets, with tangible, visible, and measurable metrics that provide clarity on the areas that need improvement. An ideal system also must track your growth against company goals, allowing you to compare and see if you are on target with your growth plans. Once you have identified what needs to change, your system must allow you to quickly pivot to your new plan of action. It is also beneficial to insight into individual sales performance, allowing you to identify and reward your star performers and provide support for those who need the extra help.

An SPM solution can do all this and more. Your business will have these insights and be able to act upon them. You will know your sales team like the back of your hand, and all your processes will run smoother. Additionally, these reviews will take less time, allowing you to focus on other administrative tasks. To learn more about how SPM can help your track and assess your sales team performance, reach out to our experts.

Team Members Working on Tablet

Managed Services: What’s the Right Fit?

Incentive Compensation Management (ICM) Solutions provide a powerful tool to improve the accuracy, timeliness, and transparency of incentive payments. However, in a fast-paced world with a constantly changing market landscape – organizations need to focus on their sales and compensation strategies instead of their administration. The logical solution is to invest in ICM Managed Services. Managed service is a solution where some or all our company’s ICM support needs are outsourced to an expert managed services partner. It’s a popular choice for growing businesses or businesses with complex ICM frameworks that become inefficient to support in-house. Managed services help to manage costs, improve scalability, provide expertise, and reduce risk. The challenge then quickly becomes determining which model of managed services is right for you based on your business needs. 

Does your ICM team need support during the crunch times such as annual planning or calendar close, that happen in a six to eight-week window? Instead of overburdening your administrators, consider an elastic workforce that can be utilized as support. This managed service support model is scalable to your needs and can be extended to provide year-round support, enabling your key staff to focus on higher priority tasks.  This scalable elastic workforce can be Technical (support with plan and other system updates) or Operational (support with administrative tasks). If your resource strategy is primarily focused on growing your business and does not want to incur the administrative burdens of developing an ICM team in-house, a more comprehensive support model that provides end-to-end ICM services from annual plan design to full-year incentive compensation administration may be right for you.  

Company size, bandwidth, or industry should not be barriers to reaping the benefits of an ICM solution. Based on your organization’s strategy and business needs, there is a bespoke managed services model that can provide the level of support. The key is to partner with an ICM services provider that can help you separate the signal from the noise and help identify the solution that is right for you.  

At Blue Horizon’s Group, we provide the exact opposite of the “one size fits all” approach to managed services. Our managed services packages are based on Seasonal, Year-Round, and Turnkey models. Each of them can be tailored to your specific needs. Whether it is enterprise-level support or just an extra pair of hands to get you over the busy weeks, we have the support you need. 

Team Meeting in Conference Room

ICM and Employee Loyalty: HR Benefits and Incentives

One of the most interesting aspects of working with customers and business partners in the domain of Incentive Compensation Management (ICM) and Sales Performance Management (SPM) is identifying who actually owns this function within an organization. Often it is either Sales Operations or Finance, occasionally it is the IT organization. Oddly enough, given the ties this domain has to the topics of compensation, job roles, employee satisfaction, etc., it is rarely the Human Resources group who owns ICM or SPM functions.

Perhaps it is because the most immediate benefits of an ICM solution wouldn’t seem to lend themselves to a Human Resources environment. However, upon closer inspection many reveal themselves. Using an SPM solution allows sales representatives to gain increased visibility into their sales plans and incentives. It becomes a very simple task to understand what compensation is owed to the rep, as well as track their performance. This increased visibility not only makes business run smoother but creates trust and improves job satisfaction. With this level of clarity, reps will know exactly what to expect and be more motivated to fulfill quotas. When a clear goal is in sight, it becomes easier to visualize and reach for. This increased loyalty will strengthen the bond between salespeople and their parent company, as neither side will have to worry about the logistics of compensation, it’s all taken care of. With this out of the way, sales can become the sole focus of employees.

SPM solutions also increase accuracy and reduce payout times. Those who use ICM are able to reduce their payout process time by up to 65 percent and increase the accuracy of payments by up to 75 percent. It may sound simple, but attending to your employees in this manner is greatly beneficial. Why not make them happy? Why not remove the obstacles in their path? This is efficiency, the removal of barriers, and the streamlining of your process. Employees who are getting paid appropriately, quickly, and understand how and why they have received this payment, will be effective. They will stay with you and aspire to improve. Business 101 is making your employees feel appreciated, and why not do so by barely lifting a finger?

These processes will ease the strain on any Human Resources department, by improving the lives of the employees. Less time spent on payouts is time effectively spent elsewhere. Loyal employees work with HR, a well-oiled machine rather than taking up their time. These solutions have also been shown to reduce both the time and costs of training, saving you more time and energy. SPM and ICM solutions do not just help you track your sales team, but they facilitate inclusion and efficiency wherever they are found. Strengthening company bonds and easing the strain on seemingly unconnected departments are just another of the many impacts of a properly delivered Incentive Compensation Management solution.