You are a new sales manager in the Financial Services industry. Consider the type of compensation that's currently used in the company. Compare the current compensation methods to other methods utilized across the industry. Provide a recommended compensation plan for improving the revenue generation of your sales team.

After establishing an effective compensation plan, you need to create a sales contest that can incentivize the sales force and other departments involved in servicing the customer. Create a sales contest you think will motivate your team and encompass various roles throughout the organization. Your allocated budget for the sales contest is 10K.