The Foundation of Strategic Pay: Your Compensation Philosophy
Developing a clear compensation philosophy is a critical step when conducting a market assessment, developing a salary structure, or building a new incentive plan. A compensation philosophy is a formal statement that documents your organization’s position on employee...
Behavioral Economics Lessons for Smarter Incentive Plan Design
Behavior Economics is a field of study that considers the influence that psychological, emotional, and social factors have on decision making. Although it is often applied to how consumers make buying decisions but can also be applied to the design of variable pay...
Developing Effective Qualitative Goals
When More Than Quantitative Incentive Criteria is Needed It is a common practice to select between two to five metrics to use for incentive criteria. Incentive criteria are usually a combination of financial, non-financial and strategic metrics. When the eligible...