One of the key metrics in evaluating the strength of a business is growth. Growth can come from an increase in revenue or increase in market cap for a business. In order to facilitate growth, senior management of these organizations create strategic goals and initiatives for their workforce to carry out. Many of these initiatives are targeted around sales and growing revenue. Therefore, the performance of the sales organization and all other departments associated receives more scrutiny. To motivate these teams behavior, companies utilize elements such as competitive compensation plans, sales contests, incentives, and job security and more to drive performance. It should come as no surprise that many of these same organizations are not satisfied with their results. 48% of companies are not satisfied with their compensation plans, 61% are not satisfied with the sales productivity, and 66% are dissatisfied with their incentive programs . So how do you fix this problem? The answer lies in understanding what drives people to do what they do, behavioral psychology.
Behavioral psychology is the study and altering of behaviors, emotions, and thoughts. If we can understand what drives the behavior of our workforce, then we can utilize different mechanisms to influence the right behavior to meet our business goals and objectives. This ideology is a core principle of the Oracle Sales Performance Management (SPM) suite. Oracle SPM houses a behavior modification engine that enables organizations to align strategic goals with the performance of their workforce. Customers using Oracle SPM have seen success in handling their commissions, royalties, truck driver pay, non-cash rewards, and more. The engine is where senior management can match art with science and explore new ways to drive behavior. This model coupled with a suite of applications that are audit-able, scalable, and flexible provide relevant analytics to create a more performant organization.
The growth and success of businesses depends on the behavior of their organizations workforce. Variable compensation typically represents the largest line item on most businesses balance sheets. Thus, organizations tend to focus an immense amount of time thinking about gaining better results from their sales force. Unfortunately, year after year many of these companies have not been satisfied with the results of these sales teams. Our customers have experienced different outcomes by placing a deeper focus on driving behavior with Oracle SPM. Oracle SPM is the only end-to-end performance management suite designed with a behavior modification engine that enables management to better manage, better motivate, and better mentor your workforce.