Incentive Program Design / Implementation
Design of Incentive programs must be focused on clear objective, the awards must be sufficient to motivate the desired performance, and the principles of the programs must be consistently applied. Program language and calculations should be simple and the program should be flexible for modifications, as needed. Incentive design should focus on timely awards, clear goals and objectives, potential for improving overall performance, and should include everyone. The award opportunities provided by an incentive program should be based on evaluation of achievements, should be related to the company's goals, should reflect a degree of "risk", and must provide a competitive amount for an individual's effort. Responsibility for Program administration should be determined during the design phase, information systems support should be developed, and integration of forms, records and reports should be performed.
The elements that should be addressed in designing and implementing an Incentive Program are:
- Participation and Eligibility
- Performance Measures
- Award Size
- Timing
- Funding
- Form of Payment
- Administrative Issues
To find out more on how Compensation Resources, Inc. can help your company with Incentive Program Design / Implementation, please contact us or call us directly to speak with our compensation consultants at 877-934-0505.
