Okay, so your incentive plan’s been completed and it’s elegantly designed, either by you or a hired consultant. But as the old saying goes, there’s many a slip between cup and lip. The devil is in the details of making sure all the key actions and deadlines are achieved in an orderly fashion. If any of those are missed, the payouts can get delayed or lost … and you’ll be caught up short.
The compensation professional’s role is to ensure that recommendations for individual payments are made and approved, then actually land in your employees’ pockets AND, to make sure they appreciate it and understand how their payments were determined.
Administering an incentive plan involves multiple approval layers, close coordination with your finance and payroll teams, and an awareness of milestone dates that borders on obsession. Whether you have software applications to support the process or you’re still using Excel, there are a number of items on the checklist that you’ll need to cover.
This webcast is designed for compensation professionals who want to understand their organization’s incentive payout plan and implement it correctly. It will walk participants step by step through the process of translating the incentive payout plan into the actual dollars landing in employee paychecks. We’ll identify some of the common hazards and offer some helpful tips and advice for ensuring that those annoying glitches won’t arise.
Topics covered will include: Lining Up Your Players, Planning Your Calendar, Making Your Calculations, Communicating With Employees, and Dealing With Special Circumstances.
In this webcast you will learn:
- Important Milestone Dates to Watch, and Planning Your Calendar
- Decisions and Cooperation Needed From Others: Who, What and When
- How to Set Up Incentive Payout Reports That Employees Understand
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