First, let’s move ahead a few years mentally. It’s 2024, and we no longer discuss sales compensation in our management meetings. The sales department has been replaced by a marketing department with three subsets of responsibility and dedicated teams to match. The COVID pandemic, the rate of change driven by technology, the increased proliferation of user-generated audio content, and what attracts talent to companies have pushed established ideas out the door.
The fundamentals of compensation tied to market size, cost of living, competitive pay, and experience levels still prevail. Comprehensive health insurance, health savings accounts, and short-term savings programs take priority over retirement plans as recruitment efforts require benefits available earlier, when a candidate is hired. Vacations, holidays, and paid time off support the increased emphasis on work-life balance.
Benefit…