Incentives of Sales Staff Members at Johor Insurance
Added on 2021-04-21
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Running head: INCENTIVES OF SALES STAFF MEMBERS AT JOHOR INSURANCEIncentives of Sales Staff Members at Johor InsuranceName of the Student:Name of the University:Author Note:
1INCENTIVES OF SALES STAFF MEMBERS AT JOHOR INSURANCEAnswer 9:The position selected for the incentive at Johor Insurance would be sales staff members.The case study clearly mentions that the the sales staffs are divided into phone sales staffmembers, shift managers, team leaders, and reselling team. The case study also mentions that thesales staffs work from seven in the morning to ten pm at night. This means that the sales staffswere overexploited by the insurance company and did not receive any incentive. Their target andsalary are also not mentioned1. The insurance company management should form an incentivesystem to motivate the sales staffs to perform higher. The following are the components of theincentive scheme of the sales staffs: Parties to the incentive plan:190 phones sales and policy renewal staff.12 sales team leaders.8 shift managers.20 shat sales staffs.2 chat sales team leaders.9 reselling team members.Incentive plan:The first requirement of an incentive plan is the basic salary and the key performanceindicators which every staff members have to achieve. The case study does not provide any1 Cerasoli, Christopher P., Jessica M. Nicklin, and Michael T. Ford. "Intrinsic motivation and extrinsic incentivesjointly predict performance: A 40-year meta-analysis."Psychological bulletin140, no. 4 (2014): 980.
2INCENTIVES OF SALES STAFF MEMBERS AT JOHOR INSURANCEinformation on the basic pays or performance parameters of the sales. It is assumed that the salesphones sales staff members get the minimum salary of $3600 a month2. The phones sales staffsreport to the 12 team leaders who in turn report to the 8 shift managers. It has been assumed thatthe monthly basic salary of each of the team leaders is 10 percent more than the sales personneland the salary of the shift managers is 10 percent more than the team leaders. The case study does not mention the KPI and hence it can be assumed that the incentiveplan would be in parity with the KPI. For example, the Staff members would get 10 percent moreof their basic salary as incentive if they achieve 10 percent more on their target. The data hasbeen shown in the table below:2"Employment Pass Salary Criteria To Increase In 2017". 2018. Gov.Sg.https://www.gov.sg/factually/content/employment-pass-salary-criteria-to-increase-in-2017.
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