Navigation Links
Deploying an Effective Pay for Performance Bonus System that Works Across Multiple Industry Sectors
Date:4/19/2013

CHAPEL HILL, N.C., April 19, 2013 /PRNewswire/ -- Across industry sectors, compensation leaders recognize the value of recognizing and rewarding one of the main drivers behind an organization's success in the marketplace: top performing employees.

Annual bonus programs are one avenue companies use to reward employees for their contributions. However, smaller bonus pools, unfair distributions, misalignment of goals, and other obstacles can plague the integrity of the system and potentially send talent out the door.

Pay for performance programs are one tool organizations are using to try to retain top performers.

To help compensation organizations understand how other industries and high-performing companies deploy their pay for performance systems, research and consulting firm Best Practices, LLC conducted a benchmarking study. The research project, which involved human resources leaders across industry sectors, evaluates incentive systems with the goal of identifying strengths, gaps and improvement opportunities.

The study, Driving Growth & Talent Retention through Pay for Performance, investigates how compensation organizations at leading global companies are structuring and implementing pay for performance annual bonus programs to reward top performers and retain talent in today's environment of shrinking resources and increasing talent competition.

While pay for performance systems usually are used to retain top performers, almost half of the study's large workforce segment said decreasing over-payments to low performers was also a primary reason for using a pay for performance system.

The study explores these key areas:

  • Annual Bonus Plan Metrics & Eligibility Strategy
  • Global Annual Bonus Plan Uniformity
  • Target Bonus Percentages by Job Level
  • Minimum Bonus Percentage to Motivate
  • Pay for Performance Drivers, Goals, & Program Components
  • Implementation Metrics and Success Factors
  • Communicating Pay for Performance Rollout
  • Implementation Challenges and Pitfalls

By identifying drivers, measures of success, program elements, global differences, and implementation best practices, this study will highlight the must-haves of successful pay for performance bonus plans.

The study results will help compensation leaders create and maintain effective pay for performance programs. The data in the report is based on input from 47 talent and compensation leaders from 17 industries who provided both quantitative and qualitative data.

To access the full report or to download a complimentary summary, click on the following link: http://www3.best-in-class.com/rr1213.htm.

ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.

 


'/>"/>
SOURCE Best Practices, LLC
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Ensuring Pharmaceutical Organizations are Effectively Organizing and Deploying Medical Science Liaisons across Diverse Customer Groups
2. New CDC Study Confirms Effectiveness of UV-C Disinfection in Reducing Harmful Pathogens for Hospitals
3. Varicella Vaccine has Long-Term Effectiveness Against Chicken Pox
4. Analysis In Health Economics Review Concludes Effective Medical Obesity Treatment Could Reduce Medicare Spending
5. Study Showcases Effective Approaches for Evaluating the Performance of Executives who Handle Managed Markets Accounts
6. Spine Surgeons Embrace Uniquely Effective Valeo Interbody Fusion Devices As Amedica Announces 10,000 Implantations
7. National Pharmaceutical Council Survey Shows Health Care Stakeholders Continue to Show Optimism About the Future Role of Comparative Effectiveness Research
8. Effectively Bringing Fixed Dose Combination Products to Market to Maintain Growth and Pipelines
9. Studies Published in Pain Medicine Demonstrate Effectiveness of Minimally-Invasive Cooled Radiofrequency Treatment for Low Back Pain
10. Saint Lukes Mid America Heart Institute Clinical Trial To Investigate Effectiveness Of Cardiac Surgery Device
11. Pharmaceutical Pricing and Reimbursement in China - Series of Mandated Price Cuts Not Effective in Stemming Healthcare Expenditures
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/17/2017)... 2017 Research and Markets has announced the ... report to their offering. ... The global fluoropolymer market in the healthcare industry ... Global Fluoropolymer Market in the Healthcare Industry 2016-2020, ... from industry experts. The report covers the market landscape and its ...
(Date:1/17/2017)... --  Tocagen Inc ., a clinical-stage, cancer-selective gene therapy company, today ... and pharmaceutical development at Tocagen, will present at Phacilitate Cell ... in Miami . Details of ... ... viruses - what to do when and why Date and Time: ...
(Date:1/17/2017)... -- Research and Markets has announced the addition of ... (Captive, Merchant), Synthesis (Synthetic, Biotech), Product (mAb, Hormone) Drug (OTC, Rx), ... report to their offering. ... The global active pharmaceutical ingredients market is expected to ... 2016, growing at a CAGR of 6.3% from 2016 to 2021. ...
Breaking Medicine Technology:
(Date:1/17/2017)... Chicago, Illinois (PRWEB) , ... January 17, 2017 , ... ... Antonio Breast Cancer Symposium (SABCS) or those who desire a more intimate review and ... Antonio: Breast Cancer – Bench to Bedside—is being offered by Imedex on February 4, ...
(Date:1/17/2017)... ... January 17, 2017 , ... ... Healthful-Flex. , The company, owned and operated by Ed Stroup, was created ... reasonable price with the highest level of customer service. Healthful Balance products can ...
(Date:1/17/2017)... ... , ... Kevin Harrington (one of the original Sharks from mega-hit reality series ... topic of Beauty and Personal Care. , Everyone makes New Year’s ... commit to these changes than beginning with personal care and beauty products? AsSeenOnTV.pro will ...
(Date:1/17/2017)... ... January 17, 2017 , ... Metro Development Group has ... high speed technology into the fabric of an entire community. A highlight of ... and wellness in a yet-to-be-named, health focused campus. Leading this initiative in partnership ...
(Date:1/17/2017)... (PRWEB) , ... January 17, 2017 , ... Mirror Mirror ... earned the highest honor of Diamond Level in Zeltiq’s Crystal Rewards Program. Practice founder, ... part of this elite group of providers. , Produced by Zeltiq, CoolSculpting is ...
Breaking Medicine News(10 mins):