Sumeet Shah

Budgeting for an incentive program starts with clear objectives—whether boosting sales, performance, or loyalty. - Allocate 3-10% of total compensation or revenue, balancing fixed costs (admin, tech) and variable costs (payouts, rewards). - Prioritize key participants based on their impact, offering tailored rewards like cash, recognition, or development opportunities. - Use a tiered structure for scalability and mix short- and long-term incentives. - Invest in technology (Incentive automation solutions) to track progress, bring in more visbility, and adjust regularly based on performance and feedback to optimize results.

Continuing from my comment on root cause identification Bad Data- You need to identify whether it's human error or the system is not set up to handle level of information you want, the way you want. If prior; coach, train and fix it. If it's latter work with system provider. Other option is choose a solution that integrates & ingests bad data from source & has ability to configure data transformation rules to clean bad data & create version that can be used for commission calculation Bad implementation of business rules- Can arise from complexity & fluid nature of rules or solution that is not capable of handling them. If complexity you need a more new age tool. If fluidity, need a flexible tool that can be configured without writing code

There are 2 primary components to calculating commissions. - First is the data that you pull from CRMs, Financing or HRMS softwares etc and use as an input for commission calculation. - Second is the set of rules used for calculations. Keep a track of issues you face over a period of a month. Identify the root cause and you will end up knowing if it's bad data or bad implementation of rules. Once you identify this, you can move the next step of identifying the right software. There are software / solutions available for handling both the issues. You may also have 1 that handles both.

Not a big fan of too many tools. Tool Challenges Integration complexities, multiple logins, licensing renewals, training sessions, provider updates, & varied interfaces pose hurdles. Recommended Solution: Incentive Automation tools with visualization capability Unified Data Consumption: Incentive tools gather data from sources Configurable Rules: Business rules interpret intermediate data for precise forecasting Efficient Forecasting: Allows iterative tweaking for accurate compensation projections. Single Solution Advantage: Simplifies operations, eliminating the need for multiple tools. Conclusion, opt for incentive automation with visualization for streamlined approach & efficient management of sales compensation

We're discussing Innovators; incentive plans should center on promoting innovation. Here's a concise breakdown: Autonomy: Share your vision and desired outcomes, allowing innovators to choose projects and methods based on their interests. Flexibility: Avoid micro-management. Let innovators work remotely, any time, fostering a stimulating environment for brainstorming. Recognition: Appreciate even the smallest progress points in the unpredictable journey of innovation. Feedback: Establish regular sessions to discuss progress, challenges & improvements Transparency: Keep them informed about how their work contributes to overall goals. Remember to consistently reassess and adjust the incentive program based on feedback