State:
Free Special Resources
Get Your FREE Special Report. Download Any One Of These FREE Special Resources, Instantly!
Featured Special Report
Claim Your Free Cost Per Hire Calculator
This handy calculator lets you plug in your expenses for recruiting, benefits, salaries, and more.

Graphs automatically generate to show you your annual cost per hire and a breakdown of where you are spending the most money.

Download Now!
April 18, 2010
Compensation 101: Alternative Reward Programs

In a BLR webinar titled "Compensation 101: Essential Secrets and Strategies for HR Professionals," Paul R. Dorf outlined many types of rewards options, such as spot bonuses, short-term or long-term incentive programs, individual or group incentive programs, and alternative reward programs.

For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!

Alternative rewards can include recognition and spot awards. They can be monetary or non-monetary, though there are tax implications either way. A common program is to tie awards to one of the following:

  • Attendance
  • Special issues (safety, on-call, etc.)
  • Length of service
  • Staffing referrals
  • Achieving training and certification
  • Suggestions and ideas

Some companies create programs that allow individuals to take their rewards in different ways since everyone is not equal. For example, people at different stages with different needs may opt for different payout timings or reward types.

Paul Dorf is the Managing Director of Compensation Resources, Inc. (CRI). CRI (www.compensationresources.com) specializes in providing comprehensive Compensation and Human Resource consulting services. Dorf is responsible for directing consulting services in all areas of executive compensation, short and long term incentives, sales compensation, performance management programs, and salary admin programs.

Featured Free Resource:
Cost Per Hire Calculator
   
   
 
 
Twitter  Facebook  Linked In
Follow Us
CT-WEB01
Copyright © 2016 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on http://Compensation.BLR.com
Document URL: http://compensation.blr.com/Compensation-news/Compensation/Compensation-Administration/Compensation-101-Alternative-Reward-Programs/