Strategies for Successful Plan Design
Research shows that pay for performance pays off: when approached correctly, this compensation model is an effective driver for increased motivation, productivity, and retention. Yet, while the approach has several advantages for both the employer and the employee, many business leaders have witnessed the challenges of plan design and implementation. Since mistakes in plan design could cause performance-based compensation to backfire, employers must prepare a balanced, results-driven pay strategy to fit their unique business goals and company culture.
In this exclusive guide, Alison DiFlorio and Jeff Bacher of Exude, Inc. share their firsthand experiences in transitioning to a performance-based plan, as well as the importance of this approach to pay in the modern business landscape. This guide will focus on the business case for performance-based compensation and the role that HR as a business partner plays in driving results. HR leaders will also learn how to design their own plans, as well as important considerations for creation and implementation, including:
- The critical importance of performance-based compensation
- Various approaches to performance-based pay
- Common plan design mistakes to avoid
- The do’s and don’ts of holding performance discussions