SALT LAKE CITY--(BUSINESS WIRE)--There’s a disconnect between when salespeople want to get paid and when they actually do. A new survey of nearly 700 U.S.-based salespeople, conducted by payroll and business payments platform Everee, found that 56% of salespeople don’t receive their commissions for at least two weeks, and 41% are paid once a month or quarter. However, 64% of salespeople wish they received commissions within one week.
To retain sales reps and attract new hires during an unprecedented labor shortage, it's critical that businesses adopt new ways to pay reps quickly.
"Salespeople today are frustrated with the slow and outdated way they're compensated," said Everee CEO Brett Barlow. "With commission payment structures, frequency of pay and other factors influencing where people work, businesses can't afford to ignore these findings."
Other key findings from Everee’s survey include:
- 51% said pay frequency, followed by commission structure (49%), are the two most-influential factors for deciding where to work
- 50% said daily pay would be a valuable or very valuable benefit
- 68% said daily commission payouts would motivate them to close qualified deals faster
- 31% of reps said they plan to stay at their current company for less than one year
- 67% said if their company paid commission within 24 hours, they’d be more likely to stay at that company for over a year
"Our customers have an edge over their competition because they pay faster," said Barlow. "Sales leaders who implement daily or weekly commission payments with Everee will get the business outcomes they want without creating operational complexities. It's better for business and better for employees."
Full report: https://www.everee.com/blog/sales-pay-report/
About Everee
Everee is a payroll platform that lets companies pay 1099 and W2 workers fast, as often as daily. Started in 2018 by financial leaders who were tired of outdated payroll software, Everee’s platform includes a mobile app to run payments from anywhere, automated tax filings, time clock, scheduling and more. Customers can leverage Everee’s credit network to fund faster pay cycles while maintaining their cash flow. Learn more: Everee.com.
