Administer and optimize incentive compensation plans to effectively motivate Sales Teams and positively impact performance.
As the Compensation Administrator, you are expected to lead the development of the sales incentive compensation (IC) strategy and design, as well as processing and communicating all aspects of incentive compensation plans, SPIFFs/contests, and sales awards programs for the Sales Team.
It’s important that you build strategic partnerships with Sales Executives and leaders in the Sales Operations Team to develop and design incentive compensation plans that motivate the right sales behaviors and align with the sales strategy, marketing initiatives, and corporate objectives.
You assist in managing vendors and staff associated with incentive compensation administration, sales territory, crediting, and quota attainment while managing and overseeing the monthly, quarterly, and/or annual compensation and bonus payout processes.
You provide support for modelling scenarios for potential incentive compensation plan considerations.
There is a need for your analytical expertise and team guidance for incentive compensation related inquiries while working alongside of Finance and HR to develop incentive compensation budget and monitoring processes.
With Varicent, the Compensation Administrator can:
- Provide accurate and timely incentive compensation payouts to the sales Team, while identifying any outliers in earnings and keeping with budgeted compensation spend.
- Drive desired sales behaviors through well-designed and implemented compensation programs that are aligned with the corporate strategy and objectives.
- Provide sales performance reporting and ad-hoc reporting that monitors Sales Team and individual KPIs, sales compensation effectiveness, and audit and compliance information.
- Administer sales incentive compensation programs, territory definitions and assignments, and quota setting, allocation and on-going management.