Press Release
TGaS Advisors’ Castello Offers Advice on Managing Changes in Pharma Sales Compensation Plans
EAST NORRITON, PENN., August 7, 2008 – Unexpected changes in sales force compensation plans constitute one of the many difficult challenges pharmaceutical company sales operations are facing today. James Castello, director and management advisor for TGaS® Advisors, the leader in benchmarking pharmaceutical operations, spoke about managing these changes during a recent webcast sponsored by Synygy, Inc., experts in sales compensation and sales performance management.
Castello, who works with the leading pharma companies on benchmarking their sales operations, cited such key factors as downsizing of field forces, closed loop promotion and other technologies, complexity of managed markets, data privacy trends and blended sales model as affecting incentive compensation. “Companies are increasingly looking for flexibility in their ability to manage change within their compensation plans in order to respond quickly to changes in strategy or market dynamics,” he said.
Data and case studies drawn from TGaS Advisors’ extensive sales operations database provided examples of “How other pharmaceutical companies do ‘it’.”® By way of example, Castello profiled a company faced with extensive reorganization due to several unexpected market events and the impact on that client’s compensation plans. “The primary drivers of their success, once the strategy had been announced, were careful execution and attention to detail regarding the impact of the changes. The company also implemented a solid communications strategy, keeping everyone fully informed,” he said.
The webcast presentation concluded with five best practices for companies: 1) Anticipate future sales compensation changes; 2) have a clearly defined change management process and create organizational awareness of timelines; 3) create parameters for company systems so that most changes can be made without reconfiguring the system; 4) conduct process planning in advance of each processing cycle to plan for issues; and 5) automate processes to free up time for handling exceptions and changes, research and fixing problems.
The free webcast, “Profiting from the Ability to Manage Unexpected Changes in Sales Compensation Plans,” can be accessed at http://www.synygy.com/synygy/executive_resources/webcasts.html (registration required).
About TGaS® Advisors LLC
TGaS Advisors is the leader in benchmarking and advisory services to the pharmaceutical and biopharmaceutical industry. The TGaS Advisors roster includes the majority of the top 50 pharmaceutical companies with operations in the U.S. market. The firm’s benchmarking and advisory suite of solutions, PharmaStance®, provides clients with a way to measure where they stand with respect to their operations and answers the question, “How do other pharmaceutical companies do ‘it’?”® TGaS Advisors is based in East Norriton, Pennsylvania. To learn more, visit www.tgas.com.
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