Compensation pattern adopted by TATA MOTORS FINANCE LTD. Wrt Sales management position.
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TATA MOTORS FINANCE LTD.:
Over five decades of expertise in vehicle financing, Tata Motors Finance Ltd, is a subsidiary company of Tata Motors Ltd. Established in 1957, we are engaged in financing entire range of passenger cars & commercial vehicles manufactured by Tata Motors Ltd.
With a core purpose to reach out & help customers realize the dream of owning a TATA vehicle easily, we are present across 150+ locations and at all Tata Motors Ltd authorized dealerships.
Driven by the trust of more than 2 million customers, we are the largest financiers of vehicles manufactured by Tata Motors Ltd. Schemes designed to suit every customer requirement, flexible repayment options, hassle-free eligibility criteria, simple documentation and fast sanctioning process makes us the preferred choice of any customer desirous of owning a Tata Car or Commercial vehicle.
COMPENSATION PATTERN ADOPTED BY COMPANY WRT SALES MANAGEMENT POSITION How to Set Up a Sales Compensation Plan
One of the biggest management challenges for a growing business is compensating sales people effectively. You know you need an incentive compensation plan that encourages your sales force to land new accounts and continue to upsell existing customers, but where do you begin figuring out the best way to compensate them? It often boils down to finding the right balance between base pay and commission. But other questions also may come in to play: Will a commissions-only model work for the company?
How do company set parameters for performance?
How do company measure that performance?
Sales incentive programs can have an enormous impact on the bottom line and on future growth of the business. Executing a well-designed sales compensation plan can help companies create a sales culture of high performance where individual goals are aligned with those of the larger organization. Furthermore, building a reputation for recognizing and rewarding good performance accurately also helps companies attract and retain top sales talent.
"Going to market is really a fundamental part of planning your business. The compensation plan is how company operationalize the sales force, get them aligned with the business goals, and get them motivated and driven to implement your go-to-market strategy. The following pages will detail what to include in a sales compensation plan, how to select a pay formula for your sales force, and how to implement your sales compensation plan to further business goals. How to Set Up a Sales Compensation Plan:
The Elements of the Plan
A sales compensation plan is a way to put your marketing strategy into operation. Given the impact that sales compensation plans can have on growth, almost every company with a sales force should take a more strategic approach to designing their incentives plan. Fully understanding both the key drivers of successful sales incentive programs and the ways to optimize them can be complex, and plan specifics can vary widely. Nevertheless, there are a few key factors that company consider when designing and administering an effective sales incentive program. Writing the Sales Compensation Plan
Virtually all sales compensation plans are written and documented. The sales compensation plan should be available and distributed to the sales force. The front line manager should use it as a tool to communicate the sales strategy and goals and motivate the sales staff to sell. Here are some of the essential elements to include: Strategy. The business' sales strategy, what the business case is, and what...
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