Beyond Base Pay - Using Incentives to Drive Performance (ICS400)
As the pressure to “do more with less” increases, many organizations are searching for ways to more efficiently utilize compensation budgets to achieve their strategic goals. Directly linking pay to performance is a key solution currently being discussed. Understanding how to link pay to performance, creating an appropriate compensation philosophy, and knowing what types of incentive pay are most effective for which groups of employees are critical to the successful incentive and merit pay programs.
- Supporting your business strategy with a performance-based compensation system
- Aligning organization, group and employee goals with performance measures
- Assessing different types of variable pay and equity programs
- Funding considerations and trade-offs
- Framing the return and efficacy of a performance-based pay system
Who will benefit?
Participants will leave the course with the ability to analyze, execute and influence variable compensation practice and policy. Organizations will benefit through increased alignment of individual and group efforts with organizational goals, and an enriched understanding of variable compensation programs and practical cost implications.