Incentives and Employee Engagement
Overview:
Employee engagement has been proven to be highly correlated with revenue growth, innovation, talent retention and business valuation. Engaged employees are enthusiastic and involved, generating terrific ideas to further the mission of the business while they're at work, at the gym, at home, all the time. They care and they love what they do.
Smart leaders know that engaged employees begin with engaged leadership that communicates and discovers passions and value creation possibilities. So, how can a business support employee engagement via employee rewards? The most effective answer is via a variable compensation plan which does two things: (1) It makes it clear which results are most valuable to the business, (2) It rewards those who really shine in delivering the needed results with meaningfully more compensation.
Variable pay plans that support employee engagement common in many flavors, but have a few things in common: they are intentional about what results they intend to drive, they place the right amount of emphasis on individual contribution and on collaboration, they are based on meaningful and attainable goals.
Why should you attend: Is your broad-based variable pay plan effective? …motivating? …even exciting to your employees? Do your managers look forward to setting those goals and seeing performance soar? If you answered "No," then you are in the unfortunate majority of businesses spending time and money administering and paying incentives that aren't driving much in terms of value.
Areas Covered in the Session:
- What is employee engagement and why do you want it?
- Selecting the right specific goals for your business
- Types of broad-based variable pay plans, with advantages and appropriate use for each
- Selecting measure for use in the plans, as well as individual vs. team components
- Example plans
- Prevalent practices - what's everyone else doing?
Who Will Benefit:
- HR Generalists
- HR Managers
- Compensation Managers
- Business Owners