After putting a lot of effort into designing the right commission plan, you want to make sure it is well-understood and really motivates. Your people work non-stop to earn their bonuses and nothing compares to finally achieving it.
A commission dashboard is the perfect way to keep people motivated – and it saves a lot of administrative work. Rather than spending time creating reports and sending them out one-by-one, updates are automatically added to personalized commission dashboards as they are earned. Compared to spreadsheets, reports are always updated and available.
Is a commission dashboard right for you?
Take the test below to help you evaluate whether your business is ready for a commission dashboard. If you answer ‘yes’ to any of these questions, then you should have one.
1. Do you have complex or multi-tiered commission plans?
Do you have complex commission plans? Do you have multi-tier targets or use weighting? The more complex the plan, the more likely errors or confusion occur, and the longer it takes to solve problems. This is when you see the biggest gains from commission and compensation dashboards.
2. Do employees ask a lot of questions?
New employees join and existing employees may forget how the commission plan works. Sometimes discrepancies occur. Either way, if you have a large sales team or receive a lot of questions, a dashboard reassures people reporting to you that they are being well looked after.
3. Do you see that commission or bonuses are not having the desired effect on motivation?
Most businesses design commission plans to motivate higher levels of achievement or performance. That’s why people need to be informed of their progress underway, rather than after the fact. Being informed gives them a chance to react, make changes and reach the next level. The longer the time it takes to earn a bonus, the more important it is to be informed. Business Analyze uses easy-to-understand indicators to show people how they are doing and what is required – and to help you congratulate them when they have been successful.
4. Do you find errors or discrepancies?
Errors in commission reports don’t build trust and they may be costly. Errors may even lead to hard feelings between employee and employer. If this occurs, don’t put off creating a dashboard.
5. You’re rolling out a new plan or changing current plans
This is a good time to introduce commission dashboards because you can communicate clearly what the new plan involves. Insights about achievements and rewards can be reviewed at employee feedback meetings.
6. You’ve recently changes systems where data for calculations is stored
In some cases there is no choice but to change the ways commission is reported. When old routines are a waste of time, or the costs outweigh the benefits, then it is time to move on.
A final word
Like all Business Analyze dashboards, different insights are available for different users. Aggregated visualizations tell leaders or managers about accumulated earnings for departments or teams. Details about a specific case, transaction or employee are available from drill-downs.
Commission dashboards complement your existing dashboards. Using a well-thought out design, they may also replace other dashboards or combine information on one screen. The background information about prices, margins, sales or invoices can come from almost any system or source.
Deeper analysis of the data gives insight that can be used to fine-tune compensation plans in the next phase.
Interested? Contact us for an example of a sales commission dashboards.