Designing an Incentive & Compensation Program?
Incentive plans are one of the most effective ways for business owners to motivate employees and ensure that the company culture is driving the correct behaviors in the workplace. It’s no secret that money is one of the most powerful drivers of workplace performance, and companies leverage this motivator in the form of bonus structures and incentive plans that compliment a base salary. These bonus structures may often be tied to project and/or overall company performance and contain elements of individual contributions.
Annual reviews are becoming a thing of the past – replaced by an “Agile” methodology of giving feedback on a more frequent basis. If you’re like most firms, you will evaluate each business unit, or person, in your organization and ask, “What do I really need them to do?” Then you can structure their bonus plan around them achieving their primary function. You might also include additional incentives for minimizing resource usage, enforcing safety measures, and ensuring client satisfaction. This works by enabling each business unit, or player on your team, to perform their role to the best of their ability. Unfortunately, there are a few situations when this approach creates situations that can hinder an organization’s ability to drive the correct behaviors from their associates.
Ascent Consulting designs customized Employee Incentive program that are designed to motivate employees to make positive contributions to the success of the company. We work with Leadership teams to define Performance Measurement criteria (including objective KPIs) for their staff based on the responsibilities, expectations and desired output of each position or role.
These metrics empower companies with an objective system for employee evaluations and incentive programs. As part of our process, we may be comparing your company to similar companies (type, size, market sector, geography, etc.) and drawing on similar Programs we have constructed. Ascent will document the Performance Measurement and Incentive Program in written format, and develop an Excel workbook to perform all required math to substantiate the program
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