Assignment help April/May 2023 NMIMS-What are the various types of sales compensation that LIC can provide to its employee and sales agents that will lead to low employee attrition
Assignment help April/May 2023 NMIMS-What are the various types of sales compensation that LIC can provide to its employee and sales agents that will lead to low employee attrition
Sales Management
- Vinita Singh the founder of Sugar Cosmetics has plans to launch a new cosmetic range during the festive season of Dussehra and Diwali. Tushar Dalvi, the National Sales manager who reports to Ms. Singh has to prepare the sales budget and sales target to present it to Ms. Singh for her final approval. Help Mr. Dalvi in preparing the sales budget and sales target keeping in mind the demographics of the market. (10 Marks)
- Mr. Rajeev Khandelwal is the territory manager of an EdTech startup. This Edtech forecasts growth of 12% CAGR for the next 5 years. Mr. Khandelwal needs to hire more sales managers and sales executives to meet the sales target. List and explain the skills and competencies needed in a great sales manager and sales executive. What according to you is the must-have skill to become a successful sales manager? (10 Marks)
- Life Insurance Corporation of India popularly known as LIC is an Indian state-owned insurance group and investment company having its headquarters in Mumbai. With over 66 years in the insurance business, LIC brings a wealth of expertise, professionalism, and financial base into the Indian Insurance Market. Some of the services that LIC offers include Insurance Plans, Pension Plans, Unit linked plans, Micro Insurance plans, and Health plans.
LIC uses motivation tools like promotion, recognition, and commissions to keep the LIC employee and agents happy and motivated, however still faces a challenge in situations where the company fails to motivate employees and sales agents resulting in delayed settlement claims, and low customer service by sales agents. It was found that the attrition at top level was 8-10%, at the middle management level 15-20% and entry-level was 20-25%.
Compensation policy and Low motivation were found to be the major reasons for employee attrition. High employee attrition resulted in less trained employees B leading to higher customer dissatisfaction and customer attrition.
A customer relationship management tool was introduced for customer awareness, a better understanding of the needs of the customer, customer engagement, and customer retention.
- What are the various types of sales compensation that LIC can provide to its employee and sales agents that will lead to low employee attrition? (5 Marks)
b. Do you think introducing CRM in the organization
