Sales Minute on Bonus Commission Criteria Discussion
SALES MINUTE ON BONUS COMMISSION CRITERIA DISCUSSION
Date: [June 15, 2050]
Time: [2:00 PM – 3:30 PM]
Location: [Your Company Address] [Conference Room B]
Attendees:
[Your Name] - Sales Director
[Name - Job Title]
[Name - Job Title]
Absent:
[Name - Job Title]
Opening of the Meeting
[Your Name] opened the meeting at [2:00 PM] by welcoming the attendees and stating the primary objective of the meeting: to discuss and finalize the bonus commission criteria for the sales team for the upcoming fiscal quarter.
Review of Previous Quarter Sales Performance
A. Summary of Achievements
-
Total sales revenue of [$2.5] million, marking a [15%] increase from the previous quarter.
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An average deal closure rate improvement from [25% to 32%].
-
Introduction of two new products, resulting in an additional revenue of [$500,000].
B. Areas for Improvement
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Sales in the East region saw a [5%] decline due to increased competition.
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Client acquisition rate fell short by [10%] of the target goal.
Discussion on Proposed Bonus Commission Structure
A. Current Structure
Sales representatives receive a standard [5%] commission on all individual sales.
Additional [2%] for surpassing quarterly targets by [10-15%].
B. Proposed Changes
Implement a tiered commission structure with the following rates:
|
Sales Above Target |
Commission Rate |
|
0-10% |
5% |
C. Rationale for Changes
-
To incentivize high performers and push for a more aggressive sales approach.
-
To better align bonus payouts with the company's strategic goals.
Criteria for Bonus Eligibility
A. Performance Metrics
Must meet a minimum of [90%] of the individual sales target.
Maintain a customer satisfaction rating of at least [85%].
B. Team Dynamics
Contribution to team targets will also be factored into bonus eligibility.
C. Compliance
Strict adherence to the sales process and ethical guidelines is mandatory.
Bonus Payout Schedule
A. Payout Frequency
Quarterly payouts post the evaluation period.
B. Payout Calculation
-
Bonuses will be calculated based on the tiered structure immediately after the end of the quarter.
-
Payouts will occur within [30] days following the calculation.
C. Adjustments
Any returns or cancellations will affect the bonus calculation for the subsequent quarter.
Feedback from the Sales Team
A. Concerns Raised
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Sales representatives expressed concern over the high threshold for the top commission tier.
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Request for a review mechanism for borderline cases.
B. Suggestions
-
Implement a grace period for deals in the pipeline.
-
Periodic review of the commission structure to ensure competitiveness and fairness.
Resolution and Action Items
A. Final Decisions
-
Adoption of the proposed tiered commission structure with a modification to the top tier threshold, now starting at [25%] above the target.
-
Establishment of a monthly review meeting to address concerns and adapt the commission plan as needed.
B. Assigned Actions
-
Cathy Kennley to update the bonus policy document and distribute it to the sales team by [Month Day, Year].
-
Peter Henderson to create a forecast model including the new commission structure and present it at the next sales meeting.
Closing the Meeting
The meeting was adjourned at [3:30 PM] with [Your Name] thanking everyone for their contributions. The next meeting was scheduled for [Month Day, Year], to review the impact of the new commission structure.
Minutes prepared by: [Your Name]
Minutes approved by: [Jane Swanson]
Next Steps
-
HR to send out updated bonus commission documentation.
-
Sales management to monitor performance against the new criteria.
-
Regular check-ins to ensure clarity and address any emerging concerns.
Next Meeting
-
Date: [Month Day, Year]
-
Objective: [Review of new commission structure impact]
