Every company strives to keep their salespeople motivated. This is because these employees are the key drivers of any business, whether selling services or tangible products. One way of ensuring the sales force is fully motivated is by compensating them properly for their work. The reward salespeople receive from their employers for their work is called sales compensation. The total sales compensation is calculated by summing the base pay, commission, and any incentives associated with meeting specified targets.
When considering new markets, small businesses hardly think about international opportunities. While such businesses assess the next local customer segments to include in their sales strategy and consumers from neighboring states, the state and federal organizations wish small businesses would seize the many opportunities overseas.
For several decades now, businesses have used Incentive Compensation Management (ICM) solutions to calculate commissions and implement their sales compensation plans. However, as technology grows and company needs change, businesses are finding the need to switch to modern compensation management systems.