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Sales Force Compensation - Research Paper Example

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For most of the organizations, compensation plan is the main driving force for motivating the entire sales force as they are the key people interacting with the customers on a regular basis. According to Skiera and Albers (2008), the total rewards approach comprises of all the…
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Sales Force Compensation
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Download file to see previous pages ch is to accelerate desired behaviors in the entire workforce along with the reinforcement of the overall business strategy that will boost the firm’s performance (Mia & Evans, 2007).
Unilever ensures that its total rewards program is supportive to achieve the desired targets of the company and the Human Resource (HR) professionals of the company have ensured that it possesses six features that are vital for the effectiveness of this program (WorldatWork, 2007). The main features of the total rewards approach are as follows:
1. Compensation – It is the most important part of the entire program as it is the basic pay structure that comprises of both fixed and variable pays along with the long-term and short-term incentives. The fixed amount is the base salary which remains constant for every salesperson and the variable pay is dependent on the method used i.e. commission, pay-for-performance, piece-rate pay, time-rate pay and others. The other incentives comprise of bonuses, profit-sharing, ownership share and etc.
3. Benefits – These are the factors that the employees are looking for in their jobs in addition to the monetary payment that they receive such as medical benefits, life insurance benefits, social security, unemployment and etc. These other benefits are valued highly by the employees and at times employees may not opt for jobs that do not provide such benefits.
4. Rewards and Recognition – When employees achieve something highly desirable or challenging, they need to be shown the appreciation either by giving them rewards in the form of bonuses, profit sharing, share ownership or announcing the success within the organization to declare the person’s valuable contribution in the company.
5. Work-life balance – The employees have to be provided support in maintaining adequate balance between the work, personal life and community responsibilities. They can be provided with financial support, paid and unpaid vacations, caring for dependents ...Download file to see next pagesRead More
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