Bonus and incentive plans have to be more than just what employees come to expect for another year of service. While it’s true that it is the competitive norm for most industries and functions now, that doesn’t mandate paying bonuses or incentives without the performance that enables company success.
Variable pay plans should primarily drive achievement of financial and operational organization goals. Developing or changing plans requires understanding the stakeholders, how to build models and a budget, and maybe most importantly align the plan to your philosophy and strategy.
There are lots of options and alternatives when it comes to bonus plan designs, and I’ve enjoyed great success with companies I’ve worked with over the years, whether designing from the ground-up or bringing about needed change to refresh existing plans.
Bonus and Incentive Compensation Consulting Services
|Individual Key Employee plans||Design strategy, leadership or assistance/guidance.|
|Group plans||Short or long term|
|Retention plans||Eligibility and performance measures|
|Hiring bonuses||Profit sharing, gain sharing, corporate, individual or any combination.|