In the blog post, we will explore key governance levers you can use to enhance your program's efficiency and compliance.
Find out the signs that your incentive program has outgrown Excel and learn how transitioning to automated solutions like Incentivate can enhance accuracy, efficiency, and transparency in your sales commission management.
Learn essential sales compensation tips that align with business goals, motivate teams, and drive revenue growth for your organization.
Incentivate is a full-featured no-code sales commission and incentive management solution suite with built-in IC intelligence and business workflow to automate commissions of in-house sales force & other channels. It supports clients of all sizes and industries.
IRDAI's proposed elimination of upfront commissions for life insurance agents seeks to improve industry stability and customer service by evenly distributing commissions over the policy term.
In the dynamic world of business, the phrase "My IT team is going to build our incentives system in-house" is becoming increasingly common. On the surface, it seems like a logical step. After all, who knows your business better than your own team? However, as with many things in the corporate realm, the devil is in the details.
Every IT project has its set of explicit requirements - the clear, defined tasks and goals that need to be achieved. But incentive systems have a myriad of non-functional and implicit requirements that are often overlooked. These can range from system performance under load to the user experience for end-users. Missing out on these can lead to a system that, while functional, misses the mark in delivering optimal results.
Incentive systems are unique in that they often need to process two periods simultaneously. This requires a robust system architecture that can handle parallel processing without any hitches. It's not just about getting the numbers right; it's about getting them right on time, every time.
While it's essential to focus on the present, an efficient incentive system also needs to have an eye on the past. Storing historical data is crucial for trend analysis, auditing, and ensuring consistency in incentive distribution.
Perhaps one of the most complex parts of an incentive system is defining eligibility. It's not just about setting criteria; it's about ensuring they align with the company's goals, are fair, and can be adapted as those goals evolve.
The corporate world is ever-evolving, and your incentive system should be no different. It needs the flexibility to adapt to changing business objectives, ensuring that incentives always align with the company's current direction.
An incentive system isn't just a calculator. It's a communication tool. The way incentives are communicated - the transparency, the reports, the motivational elements - plays a significant role in the system's success. If employees don't trust the system or find it demotivating, even the most accurate calculations won't achieve the desired results.
Building an in-house incentive system might seem like a cost-effective and tailored solution. However, the complexities involved make it a challenging endeavor. We've seen many in-house projects that, despite years of effort, failed to deliver an optimal system. Incentive systems are a specialized domain, refined over years by experts. Sometimes, it's best to stand on the shoulders of giants.