IS IT TIME TO RETHINK INCENTIVE COMPENSATION?
The market challenges faced by pharmaceutical companies continue unabated. In the wake of continuing right sizing of pharmaceutical sales forces, companies are beginning to capitalize on a changing market by changing sales structures and incentive compensation programs.
With needs in the marketplace including stronger prescriber relationship building and conveying the value of medicines in a time of reduced access, increasing trends towards new selling approaches and greater sales force empowerment, it is increasingly important that measures and rewards are linked directly to the strategy and that the sales objective is clearly understood.
Companies are also pursuing strategies that explore best practices and global deployment of their compensation strategies. While revamping compensation strategies, it makes sense to explore options to increase efficiency and reduce costs.
IMS PRECISION COMPENSATION: YOUR SINGLE-SOURCE SOLUTION
IMS Precision Compensation enables you to design, implement and operate incentive compensation plans that consistently motivate the desired sales force activity. You choose from a menu of options, enabling you to meet the needs you have right now while planning for the future.
Design
Only IMS Consultants combine expertise in incentive compensation design with unique methodologies for compensation design using insights from the broadest range of information assets, including the influence of managed care plans, qualitative metrics on physician relationships and insights into physician behavior change. Using these resources, you can design plans that are flexible, easy to understand, drive sales behavior in line with your market objectives, and financially responsible for your organization.
Implement
IMS seamlessly integrates best-in-class analytics with state-of-the-art incentive compensation software that is easy to use, tightly integrated, and produces fast results. Our Implementation solution - powered by leading-edge sales performance management software from Callidus - provides a flexible low-cost implementation solution while easily coping with the wide array of dimensions often needed in pharmaceutical incentive compensation plans.
Operate
Following implementation, IMS can provide a highly efficient ongoing management service that, uses IMS' weekly or monthly data to provide fast reports on attainment and the cost of incentives, and can help you model the impact of internal or external changes to ensure that you pay for performance, not environmental factors.
Benefits
Precision Compensation provides richer, more granular information resources that produce better plan design, execution and measurement, so you can more effectively:
- Reward individuals in new sales models
- Communicate what superior performance looks like
- Implement a bonus structure that is easily understood
- Reward soft measurements such as relationships
- Accurately develop and deploy KPIs and objectives
- Motivate and reward the sales force behaviors you seek
