Management by Objectives is a management strategy which helps in alignment of broader corporate objectives by cascading down higher strategic goals to individual level goals depending on their function and expectations from their role. This approach was most prevalent for higher level roles and in industries with poor quality sales data or in cases where higher volatility in sales is observed. In the pharmaceutical industry until recently, this incentive plan type was primarily seen for managed markets roles and a few managerial roles. With the evolution of sales roles for specialty therapeutic areas, higher collaboration requirements with other teams and stringent compliance regulations, several companies are moving towards a combination of qualitative and quantitative sales performance measures to calculate incentives of their salesforce to account for changing business dynamics.
Aurochs software launches its Objectives Management solution- a self-service module that helps pharmaceutical companies to efficiently administer management based objectives.
New hire IC plan handling is one of the more difficult parts of implementing an incentive compensation management system. Aurochs software makes handling new hire IC plans a breeze. Here's how.
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