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:5/23/2017)... , May 23, 2017  Leaf Healthcare, ... innovative medical devices for pressure ulcer prevention, will ... American Association of Critical Care Nurses, National Teaching ... 22-25. The Leaf Patient Monitoring System ... for the hospital environment.  The system seamlessly tracks ...
(Date:5/18/2017)...  Two Bayer U.S. Pharmaceutical leaders received top awards ... 28 th Woman of the Year ... longstanding mission of furthering the advancement and impact of ... Cindy Powell-Steffen , senior director of brand activation and ... Libby Howe , a regional business manager for New ...
(Date:5/15/2017)... Enterin Inc., a privately-held CNS pharmaceutical company based in ... Parkinson,s disease (PD), has enrolled the first patient in the ... multicenter study involving patients with PD and taking place at ... 9-to-12-month period. The first stage is open label and involves ... include Denver , Boca Raton ...
Breaking Medicine Technology:
(Date:5/24/2017)... (PRWEB) , ... May 24, 2017 , ... Myers Jackson ... his has the ability to sell luxury homes anywhere on the planet. The luxury ... county side from Hattiesburg to Houston city-scapes. A quick search of “11 Spyglass Hill ...
(Date:5/24/2017)... ... May 24, 2017 , ... Accordant Technology, a ... portfolio. ExtraHop delivers an analytics-first approach, layered with machine learning, that provides real-time ... datacenter to the cloud to the edge. Through the new partnership, customers get ...
(Date:5/24/2017)... ... May 24, 2017 , ... The CFOs included on this ... systems in the nation and help their organizations navigate the challenges in healthcare ... instrumental in developing successful hospital and health system strategy. , Becker's Hospital Review ...
(Date:5/23/2017)... ... May 23, 2017 , ... MDLand International (MDLand), ... announced today that its iClinic V12.2 solution has achieved approval from National Center ... introduced PCMH 2017 standards which emphasize team-based care with a significant focus on ...
(Date:5/23/2017)... (PRWEB) , ... May 23, 2017 , ... ... in North Carolina have remained steady since 2009, according to a Workers Compensation ... , The study Monitoring the North Carolina System: CompScope™ Benchmarks, 17th Edition ...
Breaking Medicine News(10 mins):