Effective Compensation Planning Tools For Your Business : Compensation Planning
Design a Comprehensive Compensation Plan
Great companies establish a clear link between what people are rewarded for and the organization’s priorities. Your company may have well-established recognition programs. But, if those programs are not tied to your company’s financial and strategic goals, you’re likely experiencing poor execution of your business strategy.
Relevant Salary Structures: Know that you are making informed decisions when you partner with Compinsense to ensure your salary structures:
- Reward performance and encourage skill development.
- Have ranges for particular jobs or locations to manage overall base salary cost.
- Ensure pay levels for groups of jobs are both externally competitive and internally equitable.
- Reflect your jobs, your target market and your compensation methodology.
Bonus and Incentive Design: Partner with Compinsense to design your bonus and incentive plans so your company can:
- Link individual and company performance.
- Recognize and motivate employees when they meet or exceed goals.
Sales Compensation Plans: Keep your sales team focused on growing the business with help from Compinsense to ensure your plans:
- Incentivize the right behaviors in your sales force.
- Are easy to understand, yet reflect the complexities of your business strategy, the market, commission structures, targets, accelerators, allowances and special incentives.
- Limit your liability.
- Take into account the business and employee impact.
Are implemented and communicated thoughtfully.