We’ll also cover a step-by-step guide to help you create your plan. In this article, we’ll highlight what incentive compensation is and look at the 7 types of incentive compensation plans. One of the most common ways of using rewards to motivate employees is through something called incentive compensation. The reward doesn’t always have to be money, of course - though it usually is. When it comes to energizing a workforce, there’s no better tool than a well-structured reward program. Even the most driven employees need to be pepped up sometimes. This includes planning & design, buy-in from key stakeholders, communication & implementation, and lastly, review & optimization. We’ll then discuss the steps to create your incentive compensation plan. In this article, we will explore the term ‘incentive compensation’, and look at the 7 types of incentive compensation plans: Gainsharing, Profit-Sharing, Retention Bonus, Spot Awards, Annual Bonus, Sales Performance Incentive Fund (SPIFs), and MBO Bonus.
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