The same goes for your sales team, who count on commission payments but are sometimes shocked to find it’s not what they anticipated.
Whether you’re trying to restore the light or reconcile your earnings, things would be much easier if we could simply plan for the unexpected and avoid any unpleasant surprises altogether. Oracle Sales’ new estimated compensation feature can help your sales team do just that.
For salespeople, planning for the unexpected means having a sure-fire way to track earnings related to commissions. Their salaries aren’t always guaranteed, and depending on the structure and organization (or a lack thereof) of a company’s sales department, sales reps can waste valuable time trying to understand exactly how they’ll be compensated.
Our new estimated compensation feature, now available as part of Oracle Sales Performance Management, helps sales reps better understand what they will likely earn for a particular deal. In other words, it eliminates worries about earnings and allows reps to focus on delivering their best work.
►Take a brief self-guided product tour to see Oracle Sales Performance Management in action.
According to a recent Wall Street Journal article, “ZipRecruiter shows the number of sales roles advertised has risen steadily this year, up 65 percent to more than 700,000 open positions.”
That’s a staggering number. The article goes on to call out several contributing factors to this talent gap—from a fear of unrealistic goals to general misconceptions about the day-to-day—but failed to mention one thing I think is pretty obvious: uncertain compensation. People may not want to work for a company that can’t provide a consistent understanding of their expected earnings and related payments.
The estimated compensation feature isn’t just a powerful tool for the individual seller; it can have far-reaching effects for the organization, particularly when it comes to data. Every business depends on reliable data to operate efficiently, and sellers are often the ones receiving the latest information. But they don’t always prioritize keeping the CRM up to date.
Features like estimated compensation, however, may incentivize sellers to update and better track their activities since timely payouts are dependent on having access to the right details about a deal. They’ll quickly see that such efforts give them a better understanding of their potential compensation, help them close deals, and ultimately get paid.
Giving reps the ability to accurately estimate compensation for different deals replaces anxiety with clarity and helps sellers more efficiently prioritize their daily and weekly activities. They can easily view deals based on the highest potential upside—for them and the company—and be more efficient with how they spend their time.
This kind of insight can be very helpful for organizations that strategically design their compensation plans to include a range of opportunities, such as rewarding reps who close a deal with less revenue but perhaps more long-term service opportunities.
Having estimated compensation information readily available can also make it easier for sellers during negotiations and quoting. As changes are made at those stages, reps can quickly see the effect on their potential payout.
Giving your sales team the ability to estimate their compensation empowers them to track earnings and stay focused on selling—a valuable benefit to any organization. And given the current shortage of sales reps, it’s an easy way to motivate your stellar sellers and set them up for success while attracting new talent to the team.
Do you or your team struggle to understand compensation? Share your stories—both the good and the bad—at Cloud Customer Connect. (account required)
For more information about the Oracle Sales estimated compensation feature, watch this brief demo.
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Heather Sieberg is a senior product management professional focused on product strategy for Oracle Sales. Her day-to-day responsibilities include creating content and strategy for Sales Planning and Sales Performance Management, as well as managing the Oracle Sales CAB program. You can reach her at email@example.com.