Total Rewards
For organizations looking to increase their competitive advantage within a chosen industry it is necessary to think outside of the box and perform some frank and open dialogue to unearth some practical solutions. Businesses that thrive on salespersons performance must balance many tasks at the same time in order to maintain profits and keep the labor pool content and hungry enough to keep performing.
As the science of human resource management continues to grow, new approaches to the subject of sales force performance are developing alongside this trend. The purpose of this essay is to examine one such approach that addresses these pertinent needs. This essay will examine a "total rewards program" approach that can be installed by human resources departments to increase the efficiency, effectiveness and economic status of these organizations wishing to improve their wealth and maintain their competitive advantage.
Features of An Effective Total Rewards Program
To incentivize a sales force in the past, human resource departments have relied on compensation or sales commissions as the main ingredient to keep their labor force happy. The economic climate of today's quickly changing world has demonstrated the need for finding new ways of paying sales forces without biting into the profit margins of the company. The human resources departments looking to solve this problem have found the features of a total rewards program to be very helpful in contributing to a solution to the problem.
The first great feature and benefit of a total rewards program is the increased flexibility. Living in the 21st century as a sales professional is challenging and provides unique perspectives. Silverman...
Roles and workplaces should be designed around employees, with a focus on facilitating their development. Employees need to feel that what they do is important and to understand how their role relates to the organization's goals. This requires open communication. " (p.6).Improved efficiency from the human resources department, by increasing retention is another key feature of a total rewards approach to compensation.
Another important feature of a total rewards program for a sales force is that labor costs decrease at a significant level. Total rewards programs essentially draw upon other resources besides money that can help motivate the labor pool without digging into pockets. The idea that things beyond money such as free time and recognition do much to increase the efforts by the sales force and work towards an efficient and effective means of organizing and operating a business intent on increasing a comparative advantage.
Salespersons are unique individuals that have skills in transferring theses personable skills into a career. It therefore makes sense that companies that offer unique and interesting benefits packages will be sure to attract unique and interesting salespeople. This approach is useful in attracting a labor pool that is catered to the company's unique needs and circumstances. The last feature of a total rewards program is that it is simply more profitable than other means of paying a sales force. All the features working together in concert provides a program that reaches out to all the needs of both a sales force and the leadership of that organization who aligns the strategic outlook of the company with the talents…
