At its heart, compensation is a very human – and personal – issue. It’s how we are rewarded for the jobs we do – and how we earn our livelihood. It’s a value placed on the worth of our work and services.
As such, it can be emotionally charged. When value is misplaced, it can cause friction, angst, and poor performance. For businesses, if compensation is not allocated and dispensed appropriately, it can result in employee dissatisfaction, turnover, and lost revenue.
On the flip side, when done correctly, compensation motivates behaviors, strengthens employee commitment and increases productivity. Subsequently, if you’re looking to make a change to your compensation plan in 2017, it pays to do your homework.
Luckily, compensation is a topic that’s been extensively researched, written about and discussed – both from an academic and business standpoint. However, with so many books, it’s difficult to know which ones will give you the data most relevant to your particular situation and organization.
To help, I sat down with Erik Charles, vice president of product marketing at Xactly and a recognized expert on compensation planning and incentive compensation. I wanted to find out what’s on his bookshelf and his ‘must-reads’ for sales compensation. Here are his top seven picks and why.
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