IC Design & Rationalization
Working through design and rationalization with the process steps of the Aurochs IC design framework, your healthcare company and sales force can do much more than they ever thought possible. The first step is immersion and situation assessment, so you can see where you are now and start making a plan for where you want to go in the future.
With our services, you can:
- Review and evaluate your existing plan documents
- Discuss key priorities and sales strategies necessary to design a new IC program
- Collect financial data, which includes your sales history and performance results
- Conduct stakeholder interviews
- Better understand key challenges and business objectives
- Develop a deeper understanding of the effectiveness of the current plans
You can also see the ability of those plans to drive behavior and support your strategy. By identifying specific behaviors and performance patterns, or trends, you can determine what types of changes need to be made and how you can make your incentive compensation more successful and more valuable to everyone involved.
A preliminary IC design is the second step, and your company will need options to consider for that design. When you have a qualitative assessment of that design you can:
- Identify the guiding principles of the plan design
- Address excellence, no pays, caps, and much more
- Define a performance metric for different roles
- Consider the activity and behavior expectations that have been set by the company and the sales force
The frequency of payment for different roles matters, as well, because there is a lot of incentive when it comes to seeing when and how much will be paid.
With Aurochs you will be able to easily:
Recommend potential performance activities and qualifiers
Select the appropriate plan type
Base your decisions on the relationship between pay and performance
Reward top performers
Offer bonus and recognition programs
Keep employees happy with the status quo
Financial modeling is another part of the Aurochs offerings. With this ability, you can build a financial model that will predict both the total compensation payout for all the plan participants under alternate performance scenarios and that will also test for fairness, fiscal responsibility, and pay for performance issues. That can help your healthcare company determine the individual rep impact on a year-over-year basis, so you can get a better idea of performance quality and value over time.
Finalizing the plan that you will use going forward is very important for future and long-term success. You can do that with Aurochs, through a review of recommended IC plans and a finalization of plan components. You can then update the plan based on the modeling results and the client discussions you have had over time. Once that has been done, a plan design overview document can be created.
As part of the service Aurochs provides, you can also:
- Review the IC paradigm parameters and high level IC plan objectives
- Determine ways to reward the right people
- Motivate the field to overachieve
- Ensure that everything is fair to everyone
- Make plans and goals easy to understand
- Align what is being done with a sales force management philosophy.
You will also want to review the plan design components, including the performance measures, plan type, payout curve, plan period, and additional aspects, such as eligibility.
With supplemental IC plan support, you can address SPIFs, contents, recognition programs, and long-term retention plans, as well. There is an opportunity for cross-country rationalization of IC plans, and rationalizing them across countries can be done after reviewing parameters like regulations, data availability and quality, performance measures, a comparison of strategic business objectives, and localized market events.