Effective Bonus Plans Elude Most Companies
Summary
It takes more than just coming up with some metrics and measures.” Given the importance of this topic to so many businesses, VisionLink will be broadcasting a free webinar on June 23, 2013 entitled, “What Does an Effective Bonus Plan Look Like?” (More information and registration for this event can be accessed at: http://www.vladvisors.com/business-growth-strategies/event-details.aspx?ID=115 According to Mr. Miller, the development of an effective bonus plan must begin with the right foundational premise.It’s not rocket science but it does require enough expertise in the engineering process to avoid disastrous results.” The pay consultant went on to say that bonus plans should ultimately be developed in the context of a broader compensation philosophy and strategy that seeks to create line of site between a company’s vision, its business plan and strategy, the roles and expectations associated with those elements and the financial rewards attached to meeting established success standards.Ultimately, many of the plans end up becoming entrenched entitlements instead of tools for fueling business growth, the firm leader said.“Businesses that fall into this trap start out with good intentions,” VisionLink’s founder explained.It takes more than just coming up with some metrics and measures.”Given the importance of this topic to so many businesses, VisionLink will be broadcasting a free webinar on June 23, 2013 entitled, “What Does an Effective Bonus Plan Look Like?” (More information and registration for this event can be accessed at: http://www.vladvisors.com/business-growth-strategies/event-details.aspx?ID=115According to Mr. Miller, the development of an effective bonus plan must begin with the right foundational premise.It’s not rocket science but it does require enough expertise in the engineering process to avoid disastrous results.”The pay consultant went on to say that bonus plans should ultimately be developed in the context of a broader compensation philosophy and strategy that seeks to create line of site between a company’s vision, its business plan and strategy, the roles and expectations associated with those elements and the financial rewards attached to meeting established success standards.