Just one mistake in the commission payment process can bring a lot of problems
As employers, we all understand the leading challenges of managing a successful business or a sales department is commission planning and commission tracking. Commission payment is a very important consideration that every business or company must carefully and reasonably adhere to. Your business or company can’t attract people to come and join your work force. You should understand most workers don’t just work for the love of their job. A good number of persons want a decent salary and other incentives that will reward them for their hard work.
Hence, the remuneration packages need to be generated, managed and dispersed efficiently and this is where you need a commission and benefits manager. Any HR professionals who have specialized in commission and benefits can also be involved. These professionals are mainly in charge of evaluating, managing, administering and tracking commissions, payrolls and salary structures. Basically, they make sure that the right individuals get the correct amount of money at the right time.
A commission and benefits manager should ensure that the incentive commission process runs correctly to avoid errors that can lead to underpayments and overpayments. Overpayments in commissions are known to reduce business’ profits and affect the future growth. Underpayments are equally problematic as they consume a lot of the administration department time and resources to identify and correct them.
All in all, the overpayment and underpayment errors both have organization-wide and individual negative consequences. In that vein, commissions and benefits managers have lately been asked to embrace the latest commission tracking technology that saves you from the nightmare of calculating sales commission through spread sheets. There are several commission tracking software out there to help in this process.
Speaking of the finest commission tracking software, Blitz has recently emerged as one of the best commission tracking software that will address the major challenges involved in commission payment, results and reports.