In a BLR webinar entitled ‘Incentive Pay: Best Practices for Designing and Managing Pay-for-Performance Plans’, Dan Kleinman explains why it is important to manage incentive pay plans in an organization. He states that well-designed and well-managed incentive plans can yield enormous benefits for employers including the following:
- higher productivity levels
- improved morale
- lower turnover (particularly for key employees)
- safer workplaces
For these reasons, organizations should review current incentive pay programs in terms of how they are constructed, how much impact such plans are having and to rethink the organization’s future incentive plans.
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 firstname.lastname@example.org.