On October 20, 2021, we held our first, in-person European event, Varicent Elevate. It was incredible to join our customers and partners face-to-face for the first time since the pandemic started.? Catching up with friends and colleagues and hearing all the success stories in-person was very inspiring.
?While the focus of my trip was Varicent Elevate, I managed to take some time and explore the city of London. From fish and chips to Buckingham Palace, there were a few parallels between London and how organizations manage incentive compensation.
?Here are three things I learned from my Varicent Elevate trip:
1. UK History is Everywhere?
Even at The Langham, where Varicent Elevate was held, I learned that it was known in the 1800s for being ahead of its time in terms of technology and inventions. They even had air conditioning back then!? Leading in technology is something the UK, The Langham and Varicent are all proud of.
Data and history are all there for you to use, it’s what you do with them that makes the difference. Varicent makes it easy to find insights from past performance and combine them with other drivers to help to predict future performance.
2. There is a Massive Fuel shortage
Relating this back to sales performance, I thought about the labour shortage we are currently facing in the Great Resignation. Millions of workers have quit or left their jobs in 2021 and these numbers continue to rise. Teammates don't have the right tools and don't know what they need to do to meet their targets. The mismatch between individual goals and organizational goals also causes confusion and drama.
Varicent can help. Our solutions increase true sales yield. Teams can visualize how they compare and boost sales performance while identifying the drivers of attrition.
3. The Weather is Always Changing
COVID-19 transformed the go-to market strategy of many organizations. New competitors are popping up all the time. Market trends can and will change, and our sales strategies must be agile to adapt.
Varicent includes an integrated and easy-to-use modeling framework, meaning users can rapidly simulate a variety of plan components easily. From new business ventures to budgets to individual incentive changes, you’ll have a better understanding of how decisions can impact measures, including affordability and margins.
Because this happens quickly and efficiently, leaders of any organization can proactively shift sales strategies in respond to market shifts and opportunities. I, on the other hand, proactively shifted my outfits to include an umbrella.