MarketForce One Feature: Automated pay-slips generation for all Sales Agents

Does your HR and admin departments have headaches and nightmares every time they need to disburse commissions and send pay-slips to your sales agents? MarketForce One has the solution: Automated  Pay-slips Generation and Invoicing for all your independent sales agents. 

THE CHALLENGES

Financial Services institutions like micro-finance and insurance companies have hundreds or thousands of independent sales agents.

This makes sales force management very complex, including payment of commissions and retainers. With hundreds of agents to pay commissions at the end of every month, it can be a nightmare for the HR and admin department to manually calculate the take home, process the payments, and prepare the pay-slips.

Hundreds of hours can be wasted on manually calculating the total taxes and total take-home for every agent. Furthermore, the risk of making calculation mistakes is very high.

Not only does this cause inefficiencies in the HR and admin department, but it also creates discontent among the sales agents, since the disbursements of their commissions risk being delayed. This can result in loss of talent and in the decrease of the company’s reputation as an employer.

Last but not least, manually processing commissions and paychecks can make it hard for companies to comply with regulations, which expect financial institutions to standardize the invoicing and documenting of the sales agents pay-slips.

THE SOLUTION

Thanks to MarketForce One, all these challenges are solved with a click of a button. With sales agents spread across multiple locations, multiple pay-slips processes, and inconsistent tax handling,  a steady and standardized pay-slips management is more than essential. The key feature is easy, accurate and efficient with a single click to generate the pay-slips.

With  MarketForce, companies can upload their own customized commission structure on our system, including taxation and other types of deductions based on the company’s policy. Since MarketForce will be the same system where agents track all their sales activities, including sales conversions, our platform will pick the total sales value converted by each agent in a certain period of time and based on that, it will automatically calculate the total take home for that given period.

Then, the admin department can choose how often it wants to disburse commissions and send pay-slips.  The admins will filter by the correct time period, select the sales agents who need to be paid and, by simply clicking on INVOICE, a standardized pay-slip will be automatically sent to each sales agent via email, with a summary of all the relevant components.

This automated compensation management system eliminates human error by replacing the manual processes. Additionally, it helps the company to be faster and more efficient, compliant with regulations, and transparent with their sales agents, thus improving the overall company’s relationships with their stakeholders and its overall image as an employer.

Do you want to learn more on how to automatically generate pay-slips for your sales agents? Get in touch with us here.