Incentive Compensation
Responsive incentive compensation plan to motivate and reward the right behaviors and outcomes
End-to-end incentive compensation (IC) solution suite from design strategy to field reporting and analytics to achieve commercial excellence.
Read Blog / Trends and best practices across four strategic incentive compensation components for pharmaceutical sales teams
Drive commercial excellence with motivated sales force
The role of the sales rep is getting augmented with the infusion of technology that can enable them to be the orchestrators of omnichannel customer engagement. As the life sciences commercial models change, incentive compensation (IC) is also evolving to support this evolution while driving the right sales behaviors.
Getting the best out of sales operations requires designing and executing a motivating IC strategy. Multiple factors make this strategy and execution complex – team size, multiple therapeutic areas/markets/brand teams/vendors, account-based roles, a balance between global and local needs, etc. Despite these complexities, it is paramount to get-it-right to create an engaging and motivated sales force to deliver on the commercial objectives.
Align IC plans with sales objectives and team maturity at each stage of the product life cycle
Incentive compensation capabilities
Incentive plan design and goal setting
Set quotas, create, and edit incentive compensation plans, design contests, conduct fairness and equity analysis, methodology health check, and benchmarking studies.
Incentive plan simulations
See how plan changes impact field incentives and earnings enabling your teams to be better prepared, plan an appropriate budget, anticipate future needs, and implement actions which are coherent with the state of the market and your own objectives.
Insights and validation
Get insights on performance data, performance credits, customer movements, territory realignments, IC pay trends, and outliers.
IC reporting and communication
Get access to dashboards and reports on plan effectiveness, sales team performance reports, contest reports, payroll, and accruals.
IC program management
Manage service level agreements, dependency across multiple vendors and internal stakeholders, and continuously optimize processes.
IC administration and data management
Map data sources, integrate payroll and HR data, validate data and get quality check reports, apply business rules, get visibility into IC scheme acceptance and approvals, administer payout, manage sales crediting, contests and management by objectives (MBOs).
Incentive compensation considerations
- Sales force size (small vs. large)
- Sales force structure
- Customer relationship channel (key account managers vs. regular sales reps)
- Time period (long-term vs. short-term)
- Therapy specific nuances (primary care, specialty, and rare disease)
- Geographic scope (global vs. local)
- Industry segment type (pharma, biotech, and med tech)
- Channel strategy (single channel, multi-channel, and omnichannel)
Typical business results
Time efficiency
up to 100%
adherence to goals release and payout timelines
Ease of access
up to 95%
field adoption
Mobile enablement
up to 30%
home office empowerment
Cycle time
up to 35%
reduction in cycle time
Automation
up to 100%
payout accuracy
Onboarding of a country
as quickly as 4-6 weeks after discovery
Breadth of our experience
$1.5 BN+
Payouts
Mature and Emerging Markets
US, LATAM, UK, Europe, Japan, China, Australia
99%+
Accuracy
98%+
SLA adherence
25+
Therapeutic areas
Customer success stories
Designing An Incentive Plan For The Launch Of A Small An ...
Incentive Compensation Automation For A Global Top 5 Ani ...
Data-Driven Goal-Setting Models For A Top 5 Pharma Acros ...
