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March 24, 2010
Using Short-Term Incentive Pay within Your Organization

In a BLR webinar entitled ‘Incentive Pay: Best Practices for Designing and Managing Pay-for-Performance Plans’, Dan Kleinman discusses the different forms of incentive pay that can be found within an organization and one form of incentive pay is short-term incentive pay, which is described below:

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  • Generally, short-term incentives are given to employees within a year’s time
  • Typically, these awards are paid as cash, gift cards, or other types of instantly redeemable bonuses
  • The goals for short-term incentives usually focus on targets that can be achieved and measured within the current fiscal year or calendar year (e.g. a specific percentage increase in sales)

Dan Kleinman is the principal of Dan Kleinman Consulting, a California-based compensation and human resource consulting firm. For the past 18 years, he has served as an independent consultant for a broad spectrum of regional, national, and international companies, providing compensation, performance, organizational planning, and reward-system design services. He can be reached at info@dankleinmanconsulting.com.

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