Valid, well-designed incentive pay systems may mean the difference between an adequate group of underachievers and a dynamic team of motivated employees producing at a level that will assure the prosperity of your firm far into the future.
There are numerous ways to create and maintain motivational reward programs for employees occupying positions that have an influence on the financial position of the company. These positions may include sales, production, customer service, purchasing, inventory control, middle management and executive levels.
To be effective, each of these position types requires different components and controls built into an incentive compensation system. Goals and objectives as well as measurement criteria need to be established and communicated in advance of the implementation date.
The effectiveness cycle of most incentive compensation systems is usually short term, generally from one to six months. While many companies choose to use short-term, cash-based incentives because of simplicity, several organizations are implementing non-cash incentives and reaping the benefits of longer term incentive impact.
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