Product category:
HR, Payroll, Time and Attendance software
News Release from: Callidus Software | Subject: Incentive Management Software
Edited by the Manufacturingtalk Editorial
Team on 25 October 2006
Flexible incentives for staff
Fashion retailers must improve sales in warm autumn weather with flexible incentives for staff.
With today's news showing that the UK's clothing retailers are suffering a drop in sales of autumn collections due to the unseasonably warm weather, High Street retailers face a major challenge in improving sales and making up lost revenue over the coming weeks Andrew Armstrong, VP sales EMEA at Callidus Software, commented: "Retailers such as Marks and Spencer and Next have experienced a huge drop in sales of knitwear and winter coats in the last few weeks"
This article was originally published on Manufacturingtalk on 3 Nov 2005 at 8.00am (UK)
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"Its important that staff on the shop floor are motivated to sell clothes that will appeal to shoppers in warmer weather".
"Retailers simply must have the right incentive schemes in place for sales staff to improve their sales performance over the next few weeks".
He explains: "US fashion retailers are leading the way as they regularly use incentive schemes and special bonus payments to motivate sales teams and maximise revenue during the colder months".
"Many UK retailers are failing to incentivise sales staff properly".
"They need flexible bonus schemes that motivate sales staff to sell clothes that will appeal to consumers in this unusually warm weather - that way they can maximise profit".
It is estimated that between 12%-20% of a company's revenues are spent on compensation payments, but little attention is actually paid to the effectiveness of this spend.
This is because the payment process itself is a monumental task and complex on many levels:.
* Different people are paid for the completion of different tasks.
* Payment is made across functions, departments and geographies.
* High volume payments are made.
In some cases 10s of millions of payments are made in a single month.
* Payment is made across multiple systems and data feeds.
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