What are compensation plans? How does this work with compensation management software? There two compensation plans, the uni level plan and the binary plan. Let me give you a brief insight of the two. These two types of plan have its own disadvantages and advantages; therefore it is your job to choose what type of strategy will work best for your business that would go along with the Compensation Management Software. These plans would work in a totally different manner. There are different variations of task to be handled and done in order for you to get highest commissions.
First is the binary compensation plan, this is focused on sponsoring distributors (2 distributors) of the right and the left leg. Basically, binary means two which would mean there are only two legs for one representative. In this plan, you would handle one leg and the one who is up your line would build the other. And the other sponsor which is your third rep is placed under someone who is in your down line; since you can no longer build a third leg. Normally, the person who is above your up line will end up building authority and a power leg for you. There would be instances where you are compensated on both legs from the balance point but a lower rate. The size of the leg measures how much profit you will receive. To learn more about compensation, visit https://en.wikipedia.org/wiki/Workers%27_compensation#Statutory_compensation_law.
Second is the uni level compensation plan from the best compensation software. This plan would let you build levels and would let you sponsor many distributors and find for leaders in your organizations. In the first level, you are personally sponsoring the members. In the second level, the members in the first level would sponsor somebody to be under that level and the list would go on. You are compensated only up to the fourth to eight level of the team, so it would be a good choice to place the people you sponsor to be your front liners.
There are a lot of contrasting features between the two that you should consider. You can search online or ask professionals for other important details and information before deciding what compensation plan to go for. Be careful in choosing a employee benefits statements softwarewhen matching with any of these plans, this can either let you succeed or fail in your business. Be sure to find the best compensation management software for you, to make sure you run your business smoothly and effectively.