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There are a lot of moving parts when it comes to appropriately rewarding and incentivizing your sales force within the medtech industry. And when you’re trying to stay abreast of all of those moving parts—pay benchmarking, quota-setting, new hire plans, long-term incentive programs, President’s Club—it can be difficult to take a step back and spot potential issues before they turn into full-blown problems.
According to ZS’s 2016 Incentive Practices Research study, which surveyed 28 sales plan administrators in the medtech space, one-third to nearly one-half of companies leave secondary elements of their compensation plans alone until problems present themselves.
Based on our survey findings, it’s clear that many medtech companies take a reactive, rather than a proactive, approach to evaluating their compensation plans. And unless you’re proactively identifying and resolving potential issues, these hidden dangers might present themselves as full-blown problems within your overall sales compensation strategy.
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