Pillar 9: Performance and Rewards
WHAT ARE PERFORMANCE AND REWARDS?
Revenue management sets and manages performance accountabilities for individual contributors. Performance management encompasses performance commitments, personal accountabilities, sales compensation and other incentive compensation.
In some instances, management might tie goals to team or unit performance, particularly if there is cross sharing of accountabilities. Contests, spiffs and recognition programs help focus and accelerate growth.
WHY ARE THEY IMPORTANT?
Performance management programs offer numerous techniques to help direct revenue personnel efforts. Positioned as the ninth pillar in the Revenue Growth Model suggests the most suitable performance management programs serve the strategy, structure and management practices of the revenue function. As such, revenue leadership crafts these performance systems to match the overall go-to-market approach of the revenue growth team.
PERFORMANCE AND REWARDS TOOLS (see Chapter 12)
Tool #1: Program Planning Worksheet
Tool #2: Stack Ranking Report
Tool #3: Incentive Plan Inventory
Tool #4: Performance Distribution Charts
Tool #5: Commission Rate Calculation
Tool #6: Sales Compensation Program Costing
Tool #7: Merit Guide Chart
Tool #8: Contest and Spiff Examples
Tool #9: Job Competency Profiles