Mexico - Incentive Compensation & Objective Setting.
The local Commercial Head of a tier II global pharma company could not retain talent, and team turnover was >50% YoY. Operations were resented, as well as business results.
A diagnosis through root-cause analyses (RCA) was initiated. Qualitative interviews & Quantitative data research highlighted an obsolete and mismatched incentive compensation system, rewarding underachievers to the expense of successful medical representatives.
Together with management, the i ncentive compensation plan was re-design - components, weights, quantitative & qualitative factors included and a full risk analyses was prepared, in order to align with company’s strategic (& financial) results vision, and individual, fair objectives were recalculated based on budget & forecasts.
All the system was automatized to minimize mistakes, and a dashboard was created for transparency y and easiness of usage.