Echo Foxtrot Sales Compensation Design Project Work Plan

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Information about Echo Foxtrot Sales Compensation Design Project Work Plan

Published on May 31, 2008

Author: TheSalesMgtAssoc

Source: slideshare.net

Description

Echo Foxtrot Manufacturing (pseudonym) is redesigning its sales organization's sales incentive compensation plan. Objectives and work plan for the sales compensation plan design project work is detailed in the slide show.

These slides are excerpted from The Sales Management Association's presentation bank. Learn more about the SMA at www.salesmanagement.org.

Echo Foxtrot Manufacturing Sales Compensation Design Project Example Project Overview and Work Plan May 2008 © 2008 The Sales Management Association

© 2008 The Sales Management Association Sales Compensation Design Project About This Document This is an illustrative presentation for a sales compensation re-design project. Echo Foxtrot Manufacturing is a pseudonymous company name. The audience for this presentation is an internal work team assembled to review issues and design solutions relevant to sales incentive compensation for its sales force.

© 2008 The Sales Management Association Sales Compensation Design Project Contents Why Change the Sales Compensation Plan? Project Objectives Work Plan and Milestones Role of the Work Team and Steering Team Work Team Ground Rules What Will Be Assessed? Sales Force Interviews

Why Change the Sales Compensation Plan?

Project Objectives

Work Plan and Milestones

Role of the Work Team and Steering Team

Work Team Ground Rules

What Will Be Assessed?

Sales Force Interviews

© 2008 The Sales Management Association Sales Compensation Design Project Work Plan and Milestones Proposal Assessment Genesis of Project Conclusion of Project Solution Design Project Implementation Project objectives are established by Echo Foxtrot CEO and Senior Vice President Sales Requirements are refined based on an examination of the current state. Solutions are designed that address issues uncovered in the assessment phase. Solutions are communicated to affected personnel and implemented Project Milestones Project goals determined Project scope established Outside consultant hired Field input collected Technical analysis of pay and performance data External benchmarking completed Sales organization changes considered Performance management priorities and metrics are validated New pay plans chosen Change is communicated throughout company Implementation support tools chosen Transition from old approach is completed Work Team Meetings and Key Dates Work Team Kickoff Meeting July 15 Sales force surveys, interviews, and in-field observation by Work Team. Competed September 1. First assessment findings meeting August 20 Final assessment findings meeting and presentation to Steering Committee September 10 First solution alternatives meeting October 1 Second solution alternatives meeting and presentation to Steering Committee October 15 Steering Committee approval for proposed changes, projected November 1 Preliminary field communication: project objectives, timeline, and executive endorsement, July 1 Field conference call with summary assessment findings and initial solution designs November 30 Communication tools distributed (plan documents, earnings planning tools), December 15 Filed rollout meetings, to be completed January 15 Formal national rollout at National Sales Meeting February 20.

Project goals determined

Project scope established

Outside consultant hired

Field input collected

Technical analysis of pay and performance data

External benchmarking completed

Sales organization changes considered

Performance management priorities and metrics are validated

New pay plans chosen

Change is communicated throughout company

Implementation support tools chosen

Transition from old approach is completed

Work Team Kickoff Meeting July 15

Sales force surveys, interviews, and in-field observation by Work Team. Competed September 1.

First assessment findings meeting August 20

Final assessment findings meeting and presentation to Steering Committee September 10

First solution alternatives meeting October 1

Second solution alternatives meeting and presentation to Steering Committee October 15

Steering Committee approval for proposed changes, projected November 1

Preliminary field communication: project objectives, timeline, and executive endorsement, July 1

Field conference call with summary assessment findings and initial solution designs November 30

Communication tools distributed (plan documents, earnings planning tools), December 15

Filed rollout meetings, to be completed January 15

Formal national rollout at National Sales Meeting February 20.

© 2008 The Sales Management Association Sales Compensation Design Project Role of the Work Team and Steering Team Work Team President SVP Sales VP HR Two Regional Sales Managers Two Sales Representatives One Sales Engineer One Account Service Representative Director of Compensation (HR) Accounting Director (Commissions Accounting) IS (Sales Reporting Specialist) Marketing Director Consulting Project Manager ROLE Collect in-field observation and interview data Prioritize assessment findings Work with consulting firm Present findings to Steering Committee Develop and validate solutions with help from consultants Lead implementation and communication effort ROLE Endorse change to the field organization at all project stages Provide strategic direction and ensure organizational alignment Validate, approve, and/or revise findings from Work Team Review and approve cost analyses for proposed changes VP Sales Operations SVP Marketing Consulting Project Leader TEAM MEMBERS TEAM MEMBERS

President

SVP Sales

VP HR

Two Regional Sales Managers

Two Sales Representatives

One Sales Engineer

One Account Service Representative

Director of Compensation (HR)

Accounting Director (Commissions Accounting)

IS (Sales Reporting Specialist)

Marketing Director

Consulting Project Manager

ROLE

Collect in-field observation and interview data

Prioritize assessment findings

Work with consulting firm

Present findings to Steering Committee

Develop and validate solutions with help from consultants

Lead implementation and communication effort

ROLE

Endorse change to the field organization at all project stages

Provide strategic direction and ensure organizational alignment

Validate, approve, and/or revise findings from Work Team

Review and approve cost analyses for proposed changes

VP Sales Operations

SVP Marketing

Consulting Project Leader

© 2008 The Sales Management Association Sales Management Association Members may access the full slide presentation, and download slides in Powerpoint format, at www.salesmanagement.org This excerpt provided as a preview. Consider joining The Sales Management Association, the premier professional association for sales leaders, sales support professionals, and sales force effectiveness thought leaders.

This abridged presentation is provided as a preview. Sales Management Association members may access the presentation in its entirety, and download copies in Powerpoint format, at the Sales Management Association website: www.salesmanagement.org . Consider joining The Sales Management Association, the premier professional association for sales leaders, sales support professionals, and sales force effectiveness thought leaders. Learn More The Sales Management Association Copyright © 2008 Sales Performance Consultants, Inc. and The Sales Management Association. All rights reserved.

© 2008 The Sales Management Association About The Sales Management Association The Sales Management Association is a global professional association focused on sales management’s unique business and career issues. The Sales Management Association fosters a community of interest among sales force effectiveness thought leaders, consultants, academics, and sales management practitioners across many industries. Through training workshops, online resources, and research materials, The Sales Management Association addresses the management issues of greatest concern to practicing sales managers. The Sales Management Association s focus areas include management leadership, sales force performance coaching, sales planning, sales process management, enabling technologies, incentive compensation, and sales force support. Learn more about the Sales Management Association at www.salesmanagement.org Interested LinkedIn.com members are invited to join the Sales Management Association’s LinkedIn group: http://www.linkedin.com/e/gis/104432/0A5AAA7A4E46

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