How Sales Compensation Drives Performance with Josh Miller, Head of Sales Compensation at CVS Health
Feb 13, 2024
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Josh Miller, Head of Sales Compensation at CVS Health, discusses the importance of understanding the business, building relationships, using data for effective sales compensation design, motivating sales professionals, and the future of sales compensation. Topics include navigating sales process challenges, aligning sales compensation with desired outcomes, and leveraging data for growth-oriented decision-making.
Understanding the business is crucial for effective sales compensation design.
Building relationships and empathizing with salespeople optimize comp plan success.
Data-driven insights and intuition play key roles in motivating sales professionals.
Deep dives
Sales Performance Research and Insights
In Season 2 of the Sales Computations Show, the focus is on sharing the latest Sales Performance research, insights, and solutions through discussions with industry experts. The goal is to empower listeners to make informed decisions based on real-world data and behavioral psychology, enhancing the careers of sales comp leaders.
Career Path in Sales Comp
The guest speaker shares their unconventional journey into the world of sales comp, originating from a college project evaluating bonus and commission programs in a call center company. With a background in finance and project work, they transitioned into sales compensation software companies post-MBA, detailing a 20-year career in sales comp.
Understanding Behavioral Motivation in Sales Comp
The discussion highlights the intuitive nature of incentives in sales comp, emphasizing the importance of empathizing with salespeople to optimize comp plans. The ability to predict behaviors driven by incentive structures showcases the value of intuition backed by best practices to achieve effective sales comp design.
Navigating Complex Sales Roles and Incentives
The complexity of sales roles and their impact on sales comp design is explored, emphasizing the need to align incentives with behaviors that drive success. Understanding the influence salespeople have in negotiations and decision-making processes is critical for crafting tailored and effective sales incentive plans.
Future of Variable Compensation in Sales
The conversation delves into the relevance of variable compensation in the future of sales, highlighting the intrinsic financial motivation of sales professionals. Despite potential shifts in business landscapes, the alignment between value-based compensation and stimulating high performance remains crucial for incentivizing sales success.
Welcome to another episode of The Sales Compensation Show, a podcast that explores the world of sales, incentives, and enterprise performance management with some of the industry's most in-depth, data-driven conversations. I am your host, Nabeil Alazzam, and our guest today is Josh Miller, Head of Sales Compensation at CVS Health.
Join us as we delve into the fascinating world of sales compensation. Discover the importance of understanding the business, building relationships, and using data to drive effective sales compensation design. Gain valuable insights into motivating sales professionals and the future of sales compensation. Don't miss out on this insightful conversation!
Josh is the Head of Sales Compensation at CVS Health, where he is responsible for strategy, design, budgeting, quotas, technology and related sales operations special projects. Over the past two decades, he has worked as a consultant and project manager in a variety of different industries, including software, technology, telecommunications, insurance and financial services, healthcare, and manufacturing at companies like Aetna and Time Warner.
The Sales Compensation Show is handcrafted by our friends over at: fame.so
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