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.