Sales Commission and Compensation Specialist
Summary of Profile
Calculates commission/incentive award payments to sales personnel based on commission plan provisions. Performs staff support activities needed for the development, implementation, communication, and administration of sales commission or incentive programs, plans, policies, and quotas. Reviews commission payment reports for accuracy and completeness. Able to verify and follow-through, ensuring accuracy and timeliness of commission payments as outlined in the plan. Resolves reconciliation issues. Typically maintains or audits information needed to track revenue. May analyze sales performance results, prepare commission expense reports, presentations, and recommendations for sales and/or finance management. Typically uses spreadsheets, ERP systems, or dedicated computer programs to gather data for payment calculation or analysis.
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Job description
The primary responsibility of Sales Compensation Specialists is to work in collaboration with various functional teams to ensure the provision of sales commission programs and models that allow timely and accurate payment to all employees on a sales bonus plan according to the annual sales plan policy.
Key Roles and Responsibilities:
• Contributes to the development of sales commission programs and models for the sales organization.
• Administer and recommend industry best practices regarding bonus programs, sales compensation plans, compensation systems and compensation procedures, policies, and regulations that are aligned to the organization's strategic plan.
• Performs administrative activities related to sales compensation reporting including but not limited to the accurate and timely preparation of sales quota templates, computation of sales bonus, upload of individual results in the relevant portal, etc.
• Responsible for implementing enhancements to the sales bonus portal as aligned to business requirements.
• Responsible for compensation data collection and preparation and considering market data when completing the compensation planning process.
• Conduct audits and analyzes compliance with statutory regulations and company policies.
• Provides input into and assists with the implementation and administration of compensation programs and policies.
• Prepares and files reports which they import and export from the sales compensation system and relevant databases for processing.
Knowledge, Skills, and Attributes:
• Good interpersonal, communication, and organizational skills
• Good analytical skills and display good business acumen
• Good relationship building skills with the ability to engage with a variety of internal and external stakeholders
• Good team players and maintain integrity and display good attention to detail
• Display a good understanding of the business requirements
• Sound knowledge of compensation, bonus, and commission plans for the sales industry
• Problem-solving and decision-making skills
Academic Qualifications and Certifications:
• Relevant Bachelor's degree (e.g. Business, Accounting, Finance)
• Required Experience:
• Demonstrable relevant experience in a similar role within a related environment
• Previous experience in automated sales commissions systems and their set-up and operation is a plus
• Solid experience dealing with stakeholders
• Experience in administering sales commissions/bonus/compensation plans