Benefits and Compensation

Incentives End-of-the-Year Checkup

Incentive Compensation Checklist

General Questions  
   
Do you have an incentive compensation plan? Yes□  No□
Is it in writing? Yes□  No□
Does your incentive plan support the company’s mission and long-term goals/objectives? Yes□  No□
What levels of the organization will participate in the incentive compensation plan, e.g., top management, salespeople, entire organization? Yes□  No□
Do you have stated goals for the plan, such as:  
  • Increase productivity?
Yes□  No□
  • Increase quality?
Yes□  No□
  • Improve customer service?
Yes□  No□
  • Reduce errors?
Yes□  No□
  • Reduce overtime?
Yes□  No□
  • Reduce cost?
Yes□  No□
  • Reduce turnover among employees?
Yes□  No□
  • Retain excellent employees?
Yes□  No□
  • Attract excellent employees?
Yes□  No□
Does your incentive compensation plan meet your goals? Yes□  No□
Is your incentive compensation plan reviewed at least annually? Yes□  No□
Has your incentive compensation plan been reviewed by counsel? Yes□  No□
   
Policy Issues  
   
Have you specifically identified the performance you want to encourage from your employees by your incentive compensation plan? Yes□  No□
Have you quantified the relationship between the activity and the incentive compensation? Yes□  No□
Does your policy have an acceptable productivity standard for your incentive compensation? Yes□  No□
Does your policy establish an acceptable standard for rejection rate as part of the incentive compensation? Yes□  No□
Is your incentive compensation plan coordinated with such other policies as:  
  • Bonuses?
Yes□  No□
  • Overtime?
Yes□  No□
  • Per diem?
Yes□  No□
  • Shift premiums?
Yes□  No□
  • Call-in pay?
Yes□  No□
  • Show-up pay?
Yes□  No□
  • Split-shift pay?
Yes□  No□
  • Retirement and pension plans?
Yes□  No□
  • Merit increases?
Yes□  No□
  • Performance evaluations?
Yes□  No□
  • Discipline?
Yes□  No□
  • Discharge?
Yes□  No□

Comp planning in limbo? You need a plan Join us January 9 for an interactive webcast on The Face of Compensation for 2014: How to Create a Winning Strategy in the New Year. Learn More.


Legal Issues  
   
Does your incentive pay plan comply with wage and hour laws relating to:  
  • Overtime?
Yes□  No□
  • Paydays?
Yes□  No□
  • Explanation of method of calculation?
Yes□  No□
  • Payment upon termination of employment?
Yes□  No□
Does the Employee Retirement Income Security Act (ERISA) apply to your incentive plan? Yes□  No□
If so, does your incentive plan comply with any applicable provisions of ERISA? Yes□  No□
Does your incentive pay plan comply with applicable state laws? Yes□  No□
   
Incentive Pay Communication  
   
Have you communicated your incentive compensation plan to your employees through:  
  • Orientation?
Yes□  No□
  • Bulletin board postings?
Yes□  No□
  • Quarterly meetings?
Yes□  No□
  • Reviews?
Yes□  No□
  • Handbooks?
Yes□  No□
Do you respond:  
  • Promptly to inquiries from employees concerning their incentive pay?
Yes□  No□
  • To suggestions from employees concerning your incentive pay plan?
Yes□  No□
Do you train supervisors in how to respond to inquiries from employees concerning their incentive pay? Yes□  No□
If one issue is raised by several employees, do you communicate a response to all employees, not just to those who asked? Yes□  No□
Do you communicate changes in the plan to employees? Yes□  No□

Compensation 2014—what will the new year bring?

Slowly but surely, the economy is trying to get on track. Until there’s a government shutdown. Or a hurricane. Or change in the healthcare system. Is your compensation program is hanging in limbo?

You’re not alone. Most surveys predict that average base pay increases will remain at 3 percent once again. Employers continue to exercise caution with their salary budgets, while also tightening the standards for promotions and raises.

But you know that your organization’s success (and yours) depends on attracting and retaining top talent, and that’s something you need to ensure you’re doing regardless of where the economy as a whole is heading. But where do you start?

Fortunately, there’s a timely webinar on January 9. In just 90 minutes, you’ll learn the invaluable skill of effectively planning your compensation strategy amidst a highly uncertain economy.

Register today for this interactive webinar. Or Find out more.


Comp planning tools for 2014. Join us January 9 for an interactive webcast on The Face of Compensation for 2014: How to Create a Winning Strategy in the New Year. Earn 1.5 hours in HRCI Recertification Credit. Register Now.


Join us for this timely, in-depth webinar and get your compensation program on track for 2014 and beyond. You’ll learn:

  • How to formulate compensation contingency plans so you’re well-prepared in 2014
  • Strategies for linking the right compensation practices to the appropriate category of employees
  • How to stay competitive without breaking your organization’s bank
  • The compensation planning you should be doing right now if you’re a public company, a small- or medium-sized private company, or a nonprofit organization
  • New regulations and public scrutiny on the compensation horizon
  • How to effectively plan around a Congressional response to the “fiscal cliff” that’s still up in the air
  • Tactics for retaining valuable employees
  • How to manage compensation when it is an open topic of conversation among employees
  • What to do when employees come to you armed with online reports from websites as evidence that they deserve a pay increase
  • Innovative non-cash methods to reward employees and make them feel engaged and valued — even if you can’t pay them more in 2014
  • The market-based pay structures that organizations are using and why
  • How frequently other organizations are adjusting salary ranges, and how to determine what’s optimal for your organization
  • The most popular tools for designing, administering, recording, and communicating about salary structure design
  • And much more!

Register now for this event risk-free.

The Face of Compensation for 2014: How to Create a Winning Strategy in the New Year

Monday, January 9, 2014

1:30 p.m. to 3:00 p.m. (Eastern)

12:30 p.m. to 2:00 p.m. (Central)

11:30 p.m. to 1:00 p.m. (Mountain)

10:30 a.m. to 12:00 p.m. (Pacific)

Approved for Recertification Credit

This program has been approved for 1.5 recertification credit hours toward recertification through the Human Resource Certification Institute (HRCI).

Join us on January 9, 2014—you’ll get the in-depth The Face of Compensation for 2014: How to Create a Winning Strategy in the New Year webcast AND you’ll get all of your particular questions answered by our experts.

Find out more

Train Your Entire Staff

As with all BLR/HRhero webcasts:

  • Train all the staff you can fit around a conference phone.
  • You can get your (and their) specific phoned-in or emailed questions answered in Q&A sessions that follow each segment of the presentation.

Find out more

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