Incentive Compensation Plan Experts
Improve Employee Performance and Profitability
Even the highest performing employees can improve their productivity and quality of work with incentives to work toward. Incentive pay is a compensation system which provides financial rewards to employees for achieving improved levels of performance toward your organization’s goals. This pay system is highly effective in motivating employees at every level in the organization and across all industry lines. Incentives can be awarded in many ways, including straight commissions, periodic bonuses, prizes, awards, and vocal recognition. Include different incentives in your plan, as new and senior employees’ motivations to perform better might differ.
Managing an Incentive Compensation Plan
Consistent evaluation is important for keeping an organization’s Incentive Compensation Plans functioning properly. To ensure the plan remains cost-effective, companies should produce and evaluate reports on a periodic basis. Clear and frequent communication is essential to ensure that employees understand what is expected of them to maximize their compensation. Communication shouldn’t stop after implementation, nor should it be one-directional. Gather a mixture of feedback from management and lower employees and incorporate it into refining the incentive plan.
The success of our Incentive Compensation Plans is guaranteed – Our consulting fee is 100% contingent on that success. This guarantee provides that our project consulting fee is contingent on significant improvements being achieved in the Plan.
Our Incentive Pay Plans are very successful in:
- Increasing employee productivity and quality.
- Reducing labor and operating costs.
- Improving efficiency throughout the organization.
- Attracting and retaining best employees.
- Achieving highly competitive performance levels.