Adopting A Sales Team-Driven Commission Approach!
Sales are driven by motivation, and on-time, attractive commissions drive salespersons! That is how the equation fits in to give your organization a booming ROI! However, the arduous work of the salespeople may go in vain and cause grievances with an old-fashioned commission payout plan.
Sales are, without a doubt, the backbone of an organization. So, your business must adopt ways to keep the sales team happy, motivated, and energized. This is important because no organization can afford to let go of good sales personnel. For this reason, the right commission management software is the solution to all commission worries!
The Right Employee Commission Management System
Are you tired of asking business development and human resources executives to calculate sales commissions without errors? Sadly, you are at a fix every time and struggling to get the best commission management software! Simply put, commission management system software can transform the handling of sales compensation in 360 degrees! It is because you have the right tools that can automatically provide payouts, push the sales team to run the extra mile, and achieve targets!
The question remains: How do you pick the best commission management software?
To answer this question, we have included in this blog the information you need to know about the top features of an employee commission management system. The presence of these clearly makes an employee commission management system stand out from the rest!
As we all know, the sales reward keeps the sales team motivated, so businesses of all sizes must have a commission management system!
Let us discover the top features of an employee payroll management system and turn your commission headaches into a competitive edge!
Features In Employee Commission Management System
Real-Time Commission Calculation
- Why it’s important: Clarity is the basis for building a reliable connection across the team.
- How it works: With real-time commission calculation, sales data, team members’ targets, and commission structures are easily visible. Hence, accuracy is the outcome!
- Benefits: In the past, sales teams waited for outcomes and rewards. However, this is no longer needed because employee commission management software serves the need. It provides up-to-the-minute insights about the commission and cuts down debate over payments. Hence, commission management becomes an efficient aspect of daily work!
Customizable Commission Plans
- Why it’s important: A personalized commission plan serves better than a generic one.
- How it works: Commission management software helps you create customized commission plans according to your business needs.
- Benefits: A customizable commission plan is a catalyst for change because it fosters flexibility. As your business grows, the need to adopt flexible compensation models becomes a necessity. Hence, it gives you complete control over your sales team’s compensation. Customization applies to new roles, zones and developing market conditions.
Automation of Calculations and Payouts
- Why it’s important: You cannot risk your business with blunders or increased costs, so automation should be one of the top features of employee management system software.
- How it works: No more manual work that causes errors in calculations. Automation brings pre-decided rules as closed deals that can ease the error-free calculation of commissions.
- Benefits: Thanks to automation, you can now say goodbye to problems created by manual work. Your business is no longer at risk of increased costs, inefficient payouts, etc. So, your team can now focus on closing the deals!
Integration with CRM & ERP Systems
- Why it’s important: Cut off with the tools that destroy usefulness!
- How it works: The best commission management software perfectly collaborates with CRM platforms. The most common CRM platforms are HubSpot, SAP, Salesforce etc. You can extract data related to real-time sales and customers.
- Benefits: Accurate data means accurate commissions. To ensure accuracy, sales tools must be matched with the commission platform. Moreover, integrating CRM and ERP systems ensures that commission payments are based on the latest and most reliable information, reducing errors.
Transparent Reporting & Dashboards
- Why it’s important: The dashboards provide transparent reporting because employees look for clarity, and managers want perfection.
- How it works: Shared dashboards provide a quick view. Interactive dashboards provide instant visibility into sales data, KPIs and commissions.
- Benefits: Employees do not have to wait for details on their targets and commissions. Thanks to an employee payroll management system that provides real-time insights into team performance, every team member is linked and ambitious to perform at their best.
Compliance & Audit Trail Management
- Why it’s important: Safeguard your business from monetary and legal risks!
- How it works: Create a full audit track of calculating commissions and payments to ensure transparent transactions.
- Benefits: Audit trail management provides peace of mind and protects the business. With a detailed record of compensation payments, it becomes simpler to report tax and ensure agreement with regulatory standards. This will help you avoid commission disputes!
Scalable and Flexible Platform
- Why it’s important: As your business grows, so should your system.
- How it works: With flexible employee commission management, there is no need to worry about more employees, difficult commission plans or wide territories.
- Benefits: Every time you do not need complete revamping whenever you scale up. The flexibility confirms that your platform for managing commissions grows with your organization while profitably retaining the productivity needed as your team and compensation models progress.
Multi-Currency & Global Support
- Why it’s important: Global teams need global solutions.
- How it works: Good commission management software manages several currency payments, understands local tax laws and manages exchange rates. Hence, managing global commissions becomes simpler.
- Benefits: Commission management system software deals with global teams, making managing global commissions convenient. Also, the bespoke software helps reduce mistakes. Wherever your team is and in whatever currency your business deals globally, your system makes accurate commission payments.
Mobile Access and Employee Self-Service Portal
- Why it’s important: Great employee commission management software offers ease of access. The employees can use it themselves, and there is a do-it-yourself portal.
- How it works: Your employees can track their commission, view reports, and evaluate performance from anywhere.
- Benefits: Enable your sales team with the latest software to stay linked and motivated towards the target! Your salespeople should be able to log on to the commission details from anywhere with ease, during a client meeting or while working remotely.
Dispute Resolution & Commission Adjustments
- Why is it important? Every mistake in a business becomes a cost, so solutions should be quicker!
- How it works: The commission management software empowers employees to view their commission records, raise concerns and trace any changes in their payments.
- Benefits: Transparency earns the trust of everyone involved. It helps to keep situations clear and fair as disputes arise, allowing employees to feel heard and valued. Giving concerned employees quick changes and open feedback keeps morale high and disputes low.
E-Compensate – Employee Commission Management Software
E-Compensate is feature-rich employee commission management software (web-based application) that ensures easy handling of commission payouts. It is a full-fledged system that increases sales and keeps your team encouraged to do better!
The following are the prominent features:
- Loan Origination System Integration
E-compensate can be linked to LOS so it is handy to import loan data, automate calculations and decrease errors! Hence, your sales team can get the commission on time.
- Customizable Commission Plans
Let the sales champions get their rewards on time because they meet the KPIs! For several types of loans and products, E-Compensate is the best employee payroll management system.
- Real-time Tracking
We enable your MLOs to track their commission in real time. The loan officers can trace their achievements and discover loans that serve your business well!
- Mobile Accessibility
E-Compensate doesn’t depend on location, so loan officers can use the software on their mobile devices with convenience. Hence, the sales team can see what they are doing and evaluate their performance as well.
- Automated Calculations
Managing payouts of compensation, rewards, bonuses, incentives, etc., requires solid commission management software like E-Compensate.
- Built-in Dispute Management System
Easily track and resolve the commission disputes with E-Compensate! It is convenient to pick the root cause of the problem and propose actionable solutions.
- Analytics Dashboards
The reporting and analytical features of E-Compensate are managed by dashboards’ innate features. You can also assess KPIs and make intelligent, data-powered decisions!
- User-friendly Design
E-Compensate software has a user-friendly UI/UX design and offers easy navigation. Hence, loan originators and managers can access the information they desire.
So, are you ready to maximize your business compensation management to achieve better outcomes? Look no further—E-compensate makes sales tracking and commission management much easier!
Request a personalized quote today, and let’s get going!
The Bottom Line: Your Business Deserves the Best
Consider employee commission management as a life-long investment because it ensures success and stability. Hence, a trusted partner is key to achieving long-term success as the business progresses. After all, every employee of your business deserves accurate and timely payouts!
Without any doubt, commissions are the lifeblood of your sales team, so eventually, it is your responsibility to have a system that benefits the salespeople. Not just for the sake of employees, a good commission plan can promote your business, drive performance, motivate people, and retain them!
The right commission management software provider would make the whole thing seem effortless. But it’s just very convenient, improving employee morale and keeping the business compliant, competitive, and scalable. So, when it comes to choosing a provider, do not settle for anything less than trusted. After all, your organization’s success depends on it. Awesome Technologies Inc. will transform your commission management strategy—just E-Compensate software away! Contact us for more information and to book a personalized demo.
