SALESFORCE PLAN 1
Coordinating your Salesforce is the only secret to achieving thedesired objectives of any organization. Statistics have shown that abig percentage of successful firms are attributed to the leader’sability to communicate the goals of the organization to itsemployees. Leaders and organization owners should, therefore, beaggressive in ensuring that the Salesforce is working in line withthe stipulated goals so that the ultimate success of a firm isachieved. In this context, we will discuss the competitor`scompensation plans and how this information is relevant to thedecision-making decisions of other firms.
Compensation plans for most organizations are almost similar thoughthey differ in some terms within them. Among the most commoncomponent of a compensation plan for standard organizations is thesalary, which may be remunerated hourly, weekly, and monthly, orannually Michael S. Sirkin (2016). Components, which are notstandard, include incentives and benefits. Some firms offer lucrativeoffers regarding benefits and incentives while others do not. Thecurrent market is competitive, and employers are raising their gameso that they can keep valuable employees at their organizations. Theleaders of the respective firms have therefore resolved at evaluatingwhat other firms are offering to their employees. The leaders thenresort to paying a little higher or equal to the terms of theircompetitors so that they can lure new employees and at the same timeretain the valuable workers. Competitor’s compensation plans aretherefore important in keeping other firms at bay with the currentterms of work in the market. Firms offering poor terms of service arekept on their toes and forced to make better remunerations to theiremployees.
A compensation plan is, therefore, an important component insafeguarding the rights of the employees. A well drafted compensationplan motivates the employees and this has positive returns to thefirm. Employers should thus work at creating a compensation planthat will bring equality and fairness to an organization.
Michael S. Sirkin, L. K. (2016). Executive Compensation. Law Journal Press.