Compensation AnalysisMidsized Spine Company
For one leading implant company, success and double-digit sales growth came with a cost: a sales team that was highly targeted by competitors.
Ortho Spine Partners was able to help give guidance on a new compensation plan that was competitive in the industry while continuing to reward sales management for exceptional performance. Our detailed report and recommendation was an important part of the budgeting process and Board meetings to ensure they were well positioned to retain their top-talent.
The biggest challenge was that our client was not able to fully understand and cross reference their compensation (base salary, incentive compensation and long-term earning potential) with what other companies were doing in the industry. They wanted to create a competitive plan that properly incentivized their team to help achieve the corporate goals.
- Base Salary Analysis:
Our team was able to provide the right amount of guidance based on real life compensation examples and offer support and objective feedback on how competitive their plans made them in the industry.
- Incentive Compensation:
Sales Management can be incentivized many different ways. It was important to our client that they offer a high earning potential for each of the performing managers while keeping the focus on the corporate goals and teamwork.
- Long-term Incentive:
How do you value equity position as a part of the compensation plan? Our team was tasked with determining how much value sales management within the orthopedic and spine industry viewed equity to ensure that the client was creating a comprehensive plan that addressed all areas.
Ortho Spine Partners went to work creating a detailed report that offered answers to each of the important challenges our client faced. We broke the compensation plan down into the main important categories and charted out how the top-talent in the industry is compensated. We found positives and negatives for each plan and interviewed respected industry veterans that have created compensation plans multiple times before making a final recommendation.
We wanted to be 100% certain that our recommendations where thoughtful and industry tested.
Our client and their Board of Directors were able to have peace and mind that their compensation plan for their sales team pulled all the right levers to ensure that the team had properly aligned goals to the corporate executives.
In summary, our effort:
- Was completed in less than 1 week
- Created thoughtful change that was industry tested
- Lowered their risk of losing their top talent to competing organizations
- Aligned corporate goals with the financial and career goals of the sales team