Eureka Forbs

Your friend for life

Submitted To:
Dr. Mousumi Sengupta Group -5
20107 – Shalmali
Dated: 01-09-2021 20109 – Shreya Hegde
20112 – Shinchana T K
20113 – Sofi Kushalappa
20114 – Soumya Kurtkoti
20115 – Sree Sowmya
Pukkella
20128 – Amrutha Anil
 01 The Forbes (India) Group and Electrolux of
Sweden founded EFL in 1982 as a joint venture

Euro clean vacuum cleaners and Aqua guard

02 vacuums were among the company's best-selling
items

Company's extensive variety of industrial cleaning

03 products aimed at improving consumer health and
safety reflects a business philosophy that sees the
client as a "Friend for Life."

Summary
There is a lot to learn about the job of a sales
04 representative and to create efficient sales
management and pay systems

Company's most recent models was the Euro clean

05 Bullet, featured "Deep Cleaning
 
Old Compensation Pros
Plan
• A very result-oriented structure in which compensation were based

• Direct interaction with customers is feasible

• Commission is based on the number of sales

• The compensation system is transparent

• Acknowledgement of outstanding achievers.

Cons

• Primary goal was to increase sales, regardless of how it was accomplished.

• There was a poor conversion rate.

New Compensation Pros
Plan
• Less pressure and low attrition rate

• Improve sales process

• Improvement in customer acquisition and retention

• Increase in daily productivity

• Recognition lead to greater motivation

Cons

• Time consuming

• Overuse of efforts

• Possibility of high compensation as compare to sales

• Difficult to measure qualitative aspect

Issues
• EFL’s revenue in vacuum cleaner had dropped.
• Sales closure rate was falling.
• Sales rep attrition rate was at highest.
• Territory conflicts had started emerging.
• Pressure to close sales and earn commissions were high.
• Euro champs were missing easy sales.
• The demo equipment was damaged or not clean.
• The art of responding to customer objections have been neglected.
• There was resistance from few to the newly formulated system of “bettering the Best”
 Recommendations
Increase in the non-monetary rewards will boost up employee’s motivation

Periodic customer survey should be done

Rewards and incentives should be provided to middle level sales people

Self reporting should be promoted by sales person

New scheme should be used to attract potential candidates

 Key Learnings
Compensation is a
managerial technique
The company should monitor for directing and
Compensation is a regulating the
the results of the new scheme critical component of productive energy of
on a periodic basis. While there successful human employees
resource management
may be some short-run effect Individualized
on the sales numbers due to the Incentive Plans
focus change, but in the long- helps in costing and
budgetary control
run, the sales productivity and
numbers will increase. A well-designed
organisational
  structure Add Text
encourages Simple Potion
success
THANK
Regards
YOU
Group - 5