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Assessing the Impact of the Illinois Minimum Wage Change on Your Company

May 21, 2019  |   Compensation,Uncategorized   |     |   Comments Off on Assessing the Impact of the Illinois Minimum Wage Change on Your Company

Effective Dates of the Changes The following table shows the effective dates of the changes to the Illinois minimum wage regulations: Under terms of the bill, the wage would rise $1.00 to $9.25 per hour on January 1, 2020, and another 75¢ on July 1, 2020. Every January 1st thereafter the wage would rise another $1.00 ...

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Sales Compensation Implications in Mergers and Acquisitions

April 23, 2019  |   Compensation,Uncategorized   |     |   Comments Off on Sales Compensation Implications in Mergers and Acquisitions

Mergers and acquisitions (M&A) come with a lot of questions and uncertainty. Two different approaches to manage sales compensation in terms of design and execution, not to mention different CRMs and ERPs...yes, this won’t be easy. It’s a daunting task to think about how you’re going to figure out the best way to manage sales compensation going forward. Do you keep everything the same for the legacy ...

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Sales Compensation Program

March 12, 2019  |   Compensation,Uncategorized   |     |   Comments Off on Sales Compensation Program

It’s important that a Sales Compensation Program has Plan Provisions to guide the administration of the Plan. The following are highlights of what those should be. Goals and Plan Principles It’s important to establish what the primary goals of the Plan are and the principles of the Plan as to how the Plan will be operationalized. For example: the Plan should be fair and equitable to the individuals covered ...

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How Do You Define a Compensation Philosophy?

January 22, 2019  |   Compensation,Uncategorized   |     |   Comments Off on How Do You Define a Compensation Philosophy?

Here are some elements your organization should include in its Compensation Philosophy. Describe what your philosophy is intended to do. For example: • Our Company designs its programs to challenge participants as well as reward them for superior performance for our Company and our stockholders. We believe that our compensation program must: - Align employees’ interests with those of our stockholders by including a portion of their total pay that ...

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Is it Time to Introduce Profit Margin in Your Sales Incentive Plan?

November 28, 2018  |   Sales Incentives,Uncategorized   |     |   Comments Off on Is it Time to Introduce Profit Margin in Your Sales Incentive Plan?

The answer to this question is unique to every organization. A sales incentive plan based on profitability is not the solution for all companies and needs to be supported by the overall corporate strategy. Here are a few questions to consider as you further explore whether it’s the right time to introduce Margin as a metric into your sales incentive plan: What is your organization’s strategy? - If you introduce profitability ...

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Independent Contractors – The Wave of the Future

October 29, 2018  |   Contingent Workforce,Uncategorized   |     |   Comments Off on Independent Contractors – The Wave of the Future

Forecasts estimate that independent contractors will comprise half of the U.S workforce within the next decade. Historically, companies used independent contractors on an as-needed basis. Most companies have given little thought around how to effectively attract and retain the best independent contractor (IC) talent, with the only focus being legal compliance with DOL legislation relating to ICs. With the forecasted large increase in the usage of independent contractor ...

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Salary Planning for 2019

September 18, 2018  |   Compensation,Uncategorized   |     |   Comments Off on Salary Planning for 2019

Salary increase budgets appear to be finally passing the 3% mark as companies compete for talent in an ever-tightening labor market, according to several salary surveys. Even so, the forecast still calls for relatively modest increases, as companies focus on the overall Employee Value Proposition. The projected total salary budget increase for 2019 is around 3.1% for Non-exempt employees and 3.2% for Exempt salaried and Officers/Executives. In 2018 ...

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Fairness and Equity in Rewards

August 21, 2018  |   Compensation,Uncategorized   |     |   Comments Off on Fairness and Equity in Rewards

Organizations must ensure that rewards programs are rooted in principles of fairness in order to motivate and engage employees from different backgrounds and experiences. WorldatWork and Dow Scott, Ph.D., of Loyola University Chicago, gathered data about organizations’ perceptions of fair rewards and the tools rewards professionals use to create reward programs, policies and structures. An executive summary of their findings is as follows: • Promotional opportunities lead among employee ...

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“Keeping Top Sales People Won’t Cost You a Thing”

June 26, 2018  |   Employee Retention,Uncategorized   |     |   Comments Off on “Keeping Top Sales People Won’t Cost You a Thing”

If you haven’t heard, sales jobs are a buyer’s market. With national unemployment at historically low levels, qualified candidates, especially top sales people, have many choices for where to work. In the past, the negotiation for hiring and retaining a top sales person came down to money -- either in the form of bonuses, higher commission rates, lower quotas or salary increases. However, research shows that to ...

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Key Success Factors to Gaining C-Suite Buy-In for New Sales Compensation Plans

May 30, 2018  |   Compensation,Uncategorized   |     |   Comments Off on Key Success Factors to Gaining C-Suite Buy-In for New Sales Compensation Plans

Gaining C-Suite buy-in to new sales compensation plans is one of the last steps before implementing new plans. However, we would first recommend to “begin with the end in mind,” as Stephen Covey recommends in 7 Habits of Highly Effective People. It’s not just the preparation for that final approval meeting that is important. The approach you take from the very beginning of the sales compensation project is ...

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