Navigation Links
Deploying an Effective Pay for Performance Bonus System that Works Across Multiple Industry Sectors

CHAPEL HILL, N.C., April 19, 2013 /PRNewswire/ -- Across industry sectors, compensation leaders recognize the value of recognizing and rewarding one of the main drivers behind an organization's success in the marketplace: top performing employees.

Annual bonus programs are one avenue companies use to reward employees for their contributions. However, smaller bonus pools, unfair distributions, misalignment of goals, and other obstacles can plague the integrity of the system and potentially send talent out the door.

Pay for performance programs are one tool organizations are using to try to retain top performers.

To help compensation organizations understand how other industries and high-performing companies deploy their pay for performance systems, research and consulting firm Best Practices, LLC conducted a benchmarking study. The research project, which involved human resources leaders across industry sectors, evaluates incentive systems with the goal of identifying strengths, gaps and improvement opportunities.

The study, Driving Growth & Talent Retention through Pay for Performance, investigates how compensation organizations at leading global companies are structuring and implementing pay for performance annual bonus programs to reward top performers and retain talent in today's environment of shrinking resources and increasing talent competition.

While pay for performance systems usually are used to retain top performers, almost half of the study's large workforce segment said decreasing over-payments to low performers was also a primary reason for using a pay for performance system.

The study explores these key areas:

  • Annual Bonus Plan Metrics & Eligibility Strategy
  • Global Annual Bonus Plan Uniformity
  • Target Bonus Percentages by Job Level
  • Minimum Bonus Percentage to Motivate
  • Pay for Performance Drivers, Goals, & Program Components
  • Implementation Metrics and Success Factors
  • Communicating Pay for Performance Rollout
  • Implementation Challenges and Pitfalls

By identifying drivers, measures of success, program elements, global differences, and implementation best practices, this study will highlight the must-haves of successful pay for performance bonus plans.

The study results will help compensation leaders create and maintain effective pay for performance programs. The data in the report is based on input from 47 talent and compensation leaders from 17 industries who provided both quantitative and qualitative data.

To access the full report or to download a complimentary summary, click on the following link:

Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.


SOURCE Best Practices, LLC
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Ensuring Pharmaceutical Organizations are Effectively Organizing and Deploying Medical Science Liaisons across Diverse Customer Groups
2. New CDC Study Confirms Effectiveness of UV-C Disinfection in Reducing Harmful Pathogens for Hospitals
3. Varicella Vaccine has Long-Term Effectiveness Against Chicken Pox
4. Analysis In Health Economics Review Concludes Effective Medical Obesity Treatment Could Reduce Medicare Spending
5. Study Showcases Effective Approaches for Evaluating the Performance of Executives who Handle Managed Markets Accounts
6. Spine Surgeons Embrace Uniquely Effective Valeo Interbody Fusion Devices As Amedica Announces 10,000 Implantations
7. National Pharmaceutical Council Survey Shows Health Care Stakeholders Continue to Show Optimism About the Future Role of Comparative Effectiveness Research
8. Effectively Bringing Fixed Dose Combination Products to Market to Maintain Growth and Pipelines
9. Studies Published in Pain Medicine Demonstrate Effectiveness of Minimally-Invasive Cooled Radiofrequency Treatment for Low Back Pain
10. Saint Lukes Mid America Heart Institute Clinical Trial To Investigate Effectiveness Of Cardiac Surgery Device
11. Pharmaceutical Pricing and Reimbursement in China - Series of Mandated Price Cuts Not Effective in Stemming Healthcare Expenditures
Post Your Comments:
(Date:11/30/2015)... 30, 2015 iCAD, Inc. (Nasdaq: ... its latest solutions for advanced image analysis and ... at the Radiological Society of North American (RSNA) ... from November 29 to December 4, 2015. ... iReveal®, an automated breast density assessment solution, PowerLook® ...
(Date:11/30/2015)... 30, 2015 Booth #4303 – The Imaging Components ... exhibit a broader array of products in a new booth ... North America in Chicago ... will feature X-ray components "At the Heart of Imaging." Products ... products from Varian,s Claymount brand, and computer-aided diagnostic software from ...
(Date:11/30/2015)... , Nov. 30, 2015  Novartis will demonstrate ... the 57 th American Society of Hematology (ASH) ... and myelomas as well as supportive care, including key ... to personalized cell therapies. The ASH Annual Meeting will ... . Novartis Oncology . "We will ...
Breaking Medicine Technology:
(Date:11/30/2015)... ... ... anxiety, illness, infection or even a need for eyeglasses can sometimes cause headaches, but ... pediatric neurosurgeon at Joe DiMaggio Children’s Hospital in Hollywood, Florida, said that while headaches ... headaches that don’t go away, that don’t have any other reason, even after you’ve ...
(Date:11/30/2015)... , ... November 30, 2015 , ... ... driverless vehicle experience this summer, ushering in a new era of publicly accessible ... and electric shuttle, will continue to offer guests an up-close look at the ...
(Date:11/30/2015)... ... 30, 2015 , ... The presidential race normally deals with political issues of ... a national news story when Donald Trump makes disparaging remarks about Hillary Clinton’s hairstyle? ... than anyone wants to admit when it comes to how people are viewed by ...
(Date:11/30/2015)... (PRWEB) , ... November 30, 2015 , ... ... Catalyst continuing education course in Dallas, TX, on January 29 and 30, 2016. ... to improve the functions of their practices, to learn how to better succeed ...
(Date:11/30/2015)... ... November 30, 2015 , ... A ... of bacteria could be effective in fighting methicillin-resistant Staphylococcus aureus (MRSA), one of ... Their study showed that small molecule analogs that target the functions of SecA, ...
Breaking Medicine News(10 mins):