There’s no denying employee engagement, currently at an 11-year low, is a major challenge for organizations today.
In search of real solutions, smart company leaders are harnessing a simple truth: that, in addition to things like inclusive work cultures and a positive work-life balance, money motivates. Plain and simple. That’s especially true when it takes the form of a fair, transparent incentive pay structure.
A strategic incentive compensation plan will recognize, reward, and ultimately engage your workforce, driving sustainable growth. Need proof? Just consider that:
But we also know not every incentive pay program is created equal.
Case in point: Gallup found that sales employees — a group already likely to have commission and bonuses built into their pay structure — are among the three most disengaged worker groups today. Research has shown a lack of employee confidence in how fair, timely, and accurate incentive payments are could be curtailing their impact. Meanwhile, incentive programs that offer employees the correct reward have been shown to yield an impressive 79% goal attainment rate.
Clearly, the presence of incentive pay alone isn’t enough to truly engage workers. So, how can companies implement incentive sales compensation and other variable comp plans in a way that unlocks the true potential of these much-needed employee motivators?
In our timely 2024 guide, we’ve laid out your game plan for building an actually effective incentive comp plan, with seven strategies that’ll help you move the needle. You can download your free copy below:
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