![]() ![]() ![]() 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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