Learn how compensation should be used to drive a competitive advantage in organisations. The right commission plan can help attract and retain top talent and it is the most critical factor in driving sales behaviours. It is important to look into the commission data across companies and industries to benchmark what the optimal pay mix should be in order to drive the right behaviours.
In this guide, you will discover:
:: How to use sales data to create a strong pay mix
:: Real-life examples of successful sales pay mix
:: Industry-specific pay mixes
Bristol-Myers Squibb is a US-owned pharmaceuticals company with a full range of employment policies and practices. Staff expressed confusion over the reward package. Not only was there a lack of understanding over what they received, there was a perception that the organisation's pay and benefits did not compare well with what was being offered by the competition. A move to flexible working to support recruitment and retention was a catalyst to bringing all the policies together under a total reward banner.
In this case study, we see how Bristol-Myers Squibb moved to the concept of total reward as a means of communicating the value of its existing provision. It kept the traditional distinction between compensation and benefits, describing everything else as "the work experience". This includes recognition, work-life balance, culture, employee development and the working environment.
Bringing the policies together and communicating their value has worked well, according to Bristol-Myers Squibb. Introducing even more flexibility is the logical next step for the company.