Managing Incentive Compensation During COVID-19: Point-of-view on Managing Sales Force Incentive Program Strategy
Description
Life Sciences companies are grappling with the huge impacts that the global coronavirus pandemic is creating for day-to-day lives, health systems, and the global economy. Countries and localities have instituted travel bans and social distancing mandates, including closing non-essential businesses, to help contain the spread of the virus. In-person access to healthcare providers has been limited to just patients seeking treatment. While some of these measures are likely shorter-term in nature, experts are predicting longer-term impacts throughout 2020.
Pharma companies, and their sales forces in particular, are seeing huge disruptions. Access to health care providers is reduced or eliminated in much of the world, sidelining sales reps from their normal personal promotion work. Companies are grappling with how to proactively manage these key employees (and this key asset), considering the full sales operations landscape and incentive compensation (IC) plans, during these unusual circumstances.
In this webinar session, Axtria will:
- Provide an overview of how COVID-19 is disrupting the sales force and impacting all sales operations areas, with a focus on IC.
- Discuss the key objectives sales operations leaders are focused on when considering IC changes, including employee safety, sales force engagement, and effective use of IC budgets.
- Look at the IC levers available to sales operations leaders while managing the impact of COVID-19 from a short-term, medium-term, and long-term perspective.
- Review some of the commonly used tactics and strategies that pharma companies are embracing in these unprecedented times.
Presenters:
- Asheesh Sharma, Head Commercial Excellence, Axtria
- Daniel Stewart, Director, Axtria
- Abhijit (Abhi) Paul, Director, Axtria