Jackie Schneider is the Chief Revenue Officer at Field Nation and serves on the board of advisors for The Nerdery as well as the board of directors for Anser Innovation. On this week's conversation, Jackie jumps right in on how to properly and effectively structure comp plans. As a leader, you really want to be thinking about comp plans 6 months in advance in order to thoroughly plan out all the variables necessary.
Key Takeaways:
[0:55] Find out more about Field Nation and the work Jackie does for this company.
[3:00] What are some of the downsides of working on a comp plan during the later stages of a company?
[3:35] When is the best time to work on a comp plan and why do you need so much time to prepare for a good comp plan?
[6:30] Jackie shares an example of what makes a good comp plan.
[8:50] How do you properly distribute a comp plan between different employees with different company roles?
[10:35] How much time should you dedicate to a comp plan before making tweaks and adjustments?
[12:05] What else does Jackie look for when trying to accurately fill in a comp plan?
[12:50] Jackie says to keep it simple. She tries to put no more than 3 quotas in her comp plan.
[14:05] How does Jackie plan for unexpected surprises and how does that get incorporated into the comp plan?
[17:00] Jackie discusses employee compensation.
[24:20] How Jackie knows when she has created an unsuccessful comp plan.
[27:40] How would Jackie design a comp plan when the company wants to target a particular zip code?
[34:05] Never pay for activity, pay for results.
[37:55] Jackie explains what she writes in the comp plan when she's crafting it.
[41:30] Jackie usually waits till mid December to roll out the new comp plan.
[45:45] What are some common mistakes that happen in comp plans?
[48:45] Never have sales reps do collections. It just puts them in a lose-lose scenario.
[49:30] How not to deviate from the comp plan!
Mentioned in This Episode:
Email Jackie: Jackie.Schneider@fieldnation.com