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This is just a quick reminder to check out the LeapComp SPM Event Calendar once in a while, or to subscribe to my event RSS feed.
There are two exciting webinars taking place tomorrow; Best Practices for Sales Compensation Management, and Salary Incentives and Strategies in Executive Recruitment in a Challenging Economy.
Don’t miss them, and if you attend, please come back to discuss.
Last week I attended the Sales Performance Accenture Webinar on Insurance Industry Best Practices by Jon Walheim, Partner – US Insurance Marketing, Sales and Service and Jason Angelos – Partner, Global Incentive Compensation Management.
Accenture performed a study with insurers and asked them which 3 topics were most important in the overall market place. 54% of the respondents selected “improve sales performance”, 49% selected “increase retention” and 36% selected “improve service performance”. This says a lot on the focus on sales performance management solutions!
In this same study, Accenture also identified that the highest level of priority regarding customer acquisition and retention was to attract new customer and to focus on retention. Insurance companies also hope to improve their performance through training, specialized tolls and sales support.
“Imagine if all 15,000 Exclusive Agents exhibit target behavior set XYZ for a customer situation XYZ. No guessing. No interpretation.”
Accenture’s framework for targeting value in sales transformation is to increase revenue, decrease cost and improve predictability. Sales performance management solutions can assist with each of those “levers”. ICM can impact each of those levers. Revenues can be increased with increased flexibility in incentive plan design, more insight to data and self-service tools, and analytics. Costs can be decreased with accurate incentive compensation and easy plan administration. Predictability can be attained with plan modeling features.
Jon also mentioned that behavior is driven by only three factors: ability, motivation and context. For an individual to exhibit the proper behavior, he must have the skills and knowledge for the job, and be the right person into the right role. Performance objectives must be specified and measured, and the person must be motivated and encouraged to show target behaviors. Finally they must have the right work assigned to them, have the right tolls, and have access to the right information.
Here is another attempt at justifying investing in incentive compensation from a return on investment perspective. According to Accenture’s research, investments in programs to motivate and reward sales people, have the greatest potential to impact profits. The impact on better motivating and rewarding people, and at attracting and retaining people could represent 23 $M on pre-tax profit for moving from average to high performance for a 1 billion dollar business unit.
Best practices for ICM Implementations
Accenture made several recommendations for ICM implementations:
I’m glad I took some notes during the presentation, because even if we were told that we could obtain the presentation from Accenture after the webinar, Accenture refused to share it with consulting companies! You might have more luck than I did by contacting Jon by e-mail here: jon.walheim@accenture.com
Remember to join the free Webinar: 5 Best Practices with Analyzing Sales Performance, hosted by OpenSymmetry and presented by Greg Livengood.
When? Tuesday, July 22nd 1pm (Central).
Find out more about the presenter here.
Register here.
Based on my experience and on common sense, there are some project components which are easier to offshore than others.
Does anyone have other examples of SPM components which can be offshored easily?
There is a very promising webinar coming up, hosted by OpenSymmetry and presented by Greg Livengood.
I particularly wanted to promote this event because I worked with Greg for several months on an Accenture project, and I know that when it comes to Sales Performance Analytics, he REALLY knows what he is talking about. Expect a very insightful presentation by a friendly, dynamic and easy-going individual who built a world-class reputation as a sales performance analytics leader and pioneer.
Event Description:
With the economy in a downward slope, sales leaders more than ever need ‘Sales Performance Analytics’ and efficient ways to proactively identify potential problems and opportunities.
Most companies have the information they need to improve sales performance, however, many sales managers are challenged with accessing and correctly interpreting the data.
Greg Livengood, Senior Business Analyst with Livengood Consulting Group, will discuss how to leverage the 5 best practices in sales performance analytics that can boost your sales force performance.
• Visualize Sales Performance
• Develop Corporate Alignment
• Simplicity
• Build a Self-Sufficient Solution
• Engagement at the Executive Level
Projects can be partially or completely outsourced. The outsourcing can be done partially or entirely offshore. The most common scenario I usually encounter is when a company outsources a project to a consulting company. The consulting team usually works on-site, and often have several resources located offshore. There seems to be a trend for consultant who used to work on-site, to be allowed to work remotely.
Setting aside all ethical and macro-economics discussions about offshoring, here are some of the main pros and cons.
Cost: Savings could be only marginal, especially with rising labor costs in some countries (especially in India)
Quality: This is a challenge for on-site and offshore team alike. Offshore teams are usually very good at achieving very high quality standards. However, quality is still perceived as a higher risk with offshore teams.
Security: Quality is another concern most companies have, especially when dealing with confidential employment information. There are very secure mechanisms to collaborate, even across continents, but security is a topic which requires particular attention.
Key to Success
In my opinion, the key to successfully leveraging an offshore team is in:
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