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. Motivational and compensation procedures for sales force method of financial incentives and its purpose
Danish
Staffing
This consists of 5 major stages 1. Planning the recruitment & selection process. 2. Recruiting sufficient number of applicants.
3. Subtract expected transfers into the branch & existing sales force. 4. Make a total of the sales force needed & submit it to the senior sales manager.
After receiving the number of salespersons needed from each territory sales manager, the national sales manager calculates the total number of new salespersons to be hired.
1. Conduct Job Analysis - > 2. Prepare job description - > 3. Develop Job
Conducting a job analysis. Before the company goes to the selection stage it should conduct a job analysis. The analysis should identify job duties & responsibilities as well as critical activities to be performed for the job success.
Amreen
The external sources of recruitment include (a) advertisements, (b) the internet, (c) educational institutions (d) employment agencies, (e) other companies (competitors, customers), noncompetitors, & (f) job fairs.
SELECTION DECISION
. When all the steps of the selection process have been completed, one thing is yet to be completed that is selection decision which applicants are to be selected? For making a selection decision, the sales manager should decide the important selection criteria, which are necessary for performing the duties of the sales job. When selecting the salespersons for rural markets in India, the company should decide the selection criteria, such as willingness to work in rural areas, knowledge of local language & cultural congruence to adapt to rural environment & ethos. The sales manager should then evaluate each applicants qualifications & potential in relation to the selection criteria. Sometimes the sales manager has to decide whether an applicants strength in one selection criterion can compensate for a weakness in another criterion, whether the applicant should meet certain minimum levels against each criteria, so as to be successful. After evaluating the available candidates, the company makes a list of candidates according to preference.
Mohasir
Hiring stage.
The hiring process should be implemented properly so as to give a positive impression of the company to the candidates, who look for good work environment, where people are made to feel important. There are 2 activities in the hiring stage:
(a) the company making the job offer, & (b) acceptance of the job offer by the applicant.
1) Financial rewards/Compensation
2) Non-financial compensation.
Financial rewards/Compensation
which includes (a) Direct payment of money such as salary, commission, & bonus. (b) Indirect payment, which includes fringe benefits or perquisites, such as retirement plans, medical reimbursement, & leave travel assistance (LTA). It also includes various insurance plans.
Non-financial compensation.
These rewards include the following a) Promotion Change in titles or promotions are ranked high among younger and better educated salesperson Salesperson Senior Salesperson Key Account Executive
b) Sense of accomplishment An awareness that something has been achieved successfully It is an intrinsic motivation and a firm can only facilitate c) Personal growth opportunities Many salespeople rank opportunities for personal growth high in the list of sales force rewards
d) Recognition Most sales managers realize that they must pay more attention to the individual salespersons higher order needs, such as recognition, appreciation, and admiration. Formal and Informal recognition
e) Job Security
It is valued highly by older salespeople who are nearing retirement age, but is least valued reward among younger salespeople.
Hasnan
To be flexible. A good compensation plan should be flexible to adapt to new products, volatile markets, & differing territory sales potential. Some companies use individualized compensation plans, in which each salesperson is allowed to choose what percentage of his or her compensation is fixed (that is, straight salary) & what percentage should be variable (that is, commission based).