Does your organization feel increased pressure every year for higher levels
of productivity and performance? Incentive-based compensation and other performance-based
pay programs are motivating employees to meet their goals which in turn drives
the company to new levels of success. We can help you examine how your employees
are paid rather than merely how much. We have extensive experience in variable
pay programs, and can assist you with the following:
Assessing the appropriateness of pay for performance plan within your organization.
Is merit pay with an effective performance appraisal program right for your
organization?
Determining the type of incentive plan that best fits the strategic
goals of your organization.
Should your organization improve performance with incentives based on team
performance, Management by Objectives (MBO) bonuses, individual performance
or organization results?
Evaluating what is rewarded
and who receives that reward.
What key measures does the company want to drive (i.e. profitability, revenue,
market share, growth, customer satisfaction)?
Which parts of the organization should be eligible for the incentive plan
and why? Who is eligible to participate?
Deciding how variable pay factors in to the
total compensation package.
What are the payout provisions when a plan participant either meets or exceeds
goals? Does the new incentive plan have an effect on the existing base pay
structure?
Communicating the benefits of an incentive pay program to your
employees.
Are plan participants intimately aware of how the plan works, when results
are reported and when the plan pays out? Do they know what they must do differently
to receive an award?
A well-designed incentive plan can aid in employee retention and improve your
organization's position in the market against increased competition.
Focusing employees on the overall business objectives and rewarding them for
increased productivity is an effective way to leverage your limited resources.
We would like to help you attain your organizational goals more cost effectively
through a customized pay for performance programs.
