Are Life Sciences Industry Sales Compensation Strategies Misaligned Globally?
Axtria® Leads Timely Session Discussion @ Sales Comp WorldatWork Conference
The COVID-19 pandemic has caused severe disruptions and surfaced numerous vulnerabilities in life sciences and pharma company sales organizations and functions, historically a primary driver of product revenues and healthcare provider engagement.
As the life sciences industry begins to transition back to a mixed digital/direct sales and HCP engagement strategy, now is an opportune time for companies to rethink and reassess their current global sales compensation programs to make sure their local field forces around the world are optimally aligned with those programs and identify and correct any areas of misalignment.
Axtria led a session on this topic entitled “Building a Global Sales Compensation Function to Enable Local Strategy” at the Sales Comp WorldatWork Conference, just concluded in Chicago https://www.worldatwork.org/events/2021-spotlight-on-sales-compensation.
“A global sales compensation function needs to balance corporate standards and best practices with different local market needs,” said Vineet Rathi, Principal, Axtria, and co-presenter of the session. “Too much independent control can create misalignment with global strategy, while centralized control can miss known differential market needs and practices. In our session, we shared with conference attendees a framework for structuring a global sales compensation function.”
The session also examined how and which sales compensation decisions and processes should be more globally or locally driven, how to structure global and local sales compensation committees, sales compensation decision-making at the global and local level, and sales compensation scorecards.
“We were delighted to have Axtria present on such a timely topic that gave companies an opportunity to take a top to bottom down look at where their sales compensation strategies are now across their organizations and offices across the globe,” added Muriel Neddemeyer, Marketing Manager, WorldatWork. “Their work in the sales comp and incentive program consulting and sales data analytics and AI technology space is extensive, and our attendees benefited from their expertise and knowledge-sharing in these areas.”