Unit VIII Project Sean Hale 198415

Unit VIII Project Sean Hale 198415 - Running head...

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Running head: DEVELOPING A COMPENSATION PLAN Unit VII: Developing a Compensation Plan Sean Hale Columbia Southern University 1
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DEVELOPING A COMPENSATION PLAN Unit VII: Developing a Compensation Plan Proper Compensation is Key “Show me the money!” Though compensation is usually thought of as monetary payment for a job, position, or career, this is only on aspect of compensation. At Air Products and Chemicals Inc., we think of compensation as a whole package. A package containing the experience and training at a world-leading Industrial Gases company, an opportunity for advancement, salary, bonus and much more to be discussed in this compensation plan for a new sales force. In this plan we will determine what we want from a sales force and what we can offer them. When developing a compensation plan, there are seven steps to be considered, they are as follows; prepare job descriptions, establish specific objectives, determine general levels of compensation, develop the compensation mix, pretest the plan, administer the plan, and evaluate the plan (Hair, Anderson, Mehta, & Babin, 2009). These steps help ensure the motivation of a good sales force at Air Products, even one misstep could result in poor results. Step 1: The Detailed Job Description In preparing our job description we must also include the position, job purpose, and the expected responsibilities. We are offering a sales position, so our description should reflect that goal, while also including the details not often considered with a typical sales position. The job description should also differentiate between vertical and horizontal positions. A phone sales, office sales, or supply sales position should differentiate from a regional, business, or international sales position. 2
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DEVELOPING A COMPENSATION PLAN Highlighted below are be the duties of the sales person: Schedule sales activities Negotiate with clients Ensure good client relationship follow up on the sales activity and customer service satisfaction Prepares sales reports and maintain sales activities Develop sales proposals Perform quality checks on service and product delivery Prepare sales strategies and action plans Monitor market conditions, competitors and product development Plan and also conduct direct marketing activities Respond to sales concerns and enquiries in person, by phone or electronically Participate in sales events Education and experience Experience in sales Knowledge of relevant applications of the computer Proven towards achieving sales targets
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