The business world has gone through a ton of changes over the most recent couple of months. With the flare-up of COVID-19, countless things must be reevaluated – from the manner in which we work to the manner in which we mingle. Moreover, now that things are returning to some degree typical, there is another change that organizations need to make: they need to begin spiffing up their workers once more. So, in his article, we are going to look at why the importance of spiff programs in a sales team is more than ever before since the COVID-19 pandemic happened in 2022. We will try to understand the impact on the value of incentives because of lockdown and work from home culture. So, without any further delay, let us get started with this interesting discussion on spiffs.
What are spiffs and is spiffing? And how does it work for a sales team?
To understand what is spiffing let us first try to understand how a sales team works. Although this process can vary from company to company, more or less the overall process looks similar. So let us start with it.
In every annual meeting of the board of directors, after consulting with the financial advisors and data analytics heads, and risk management heads, a collective target for the upcoming annual session is decided. After a few critical evaluations and consultations with the team and resource managers, the goals for sales reps are decided and circulated. After this sales team, structured in the shape of a tree or a chain, passes these targets down the line and starts working on grounds to book the deals for the company and earn a sales commission for crossing an extra mile while booking deals. But it is often seen that the team gets bored and least interested in crossing the line of bare minimum until and unless an external push is given to them. This push is something that we would call Spiffing today.
Spiffing is a great way of increasing the profitability of the company by incentivizing the extra hard work of the salesperson, due to which the company could get some extra deals closed. Spiff programs are usually short-term incentive programs that allow the sales head to empower worker interest and loan themselves to dynamic, cutthroat work environments.
Spiffing in the post lockdown era
For most sales teams, company and team culture likely have something to do with competition or another form of motivation. Winner’s Circle and President’s Club may not look the same in the quarters during the COVID-19 pandemic, or during this time when almost all economies of the world are opening and gearing up to sustain a post-pandemic lifestyle. But it still is as important as ever before (or, even more than ever before) to keep the morale of your team high while they struggle through such a psychologically and mentally challenging phase of COVID-19, and lockdowns.
This is the reason why, as people’s manager, it should be your prime concern to motivate your team using SPIFFs that can be achieved a little easier than before. This would help the sales people find happiness amidst the chaos of COVID-19 when they move closer to their planned targets.
If you are looking for commission management software with a very powerful rules engine, which can tackle all your payout and dashboarding related to the sales commission, elevate.so is undoubtedly the best choice for you. It helps you to test your spiff programs on simulations that run on past records of your team. ElevateHQ can prove to be a game-changer cutting-edge tool when it comes to managing all your spiffing related tasks in an automated environment.