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Iconixx Insights BlogIncentive Compensation Management

Help employees gain momentum with incentive compensation plans

By August 26, 2013June 11th, 2024No Comments

A recent study found workers in North America not only dislike their jobs – they feel trapped in them. The survey, conducted by Right Management, asked nearly 400 employees across the U.S. and Canada to respond to the statement “Sometimes I feel trapped in my current job and want to find a new position elsewhere.

Unfortunately for businesses, the results were clear and showed a vast majority of workers were unsatisfied with their jobs. Around 84 percent of workers said they agreed with the statement – 21 percent said they somewhat agreed they feel trapped in their current roles, while 63 percent said they strongly agreed.

According to Ron Sims, talent management practice leader at Right Management, when workers feel trapped at work, performance declines, engagement drops and a company may even lose some of its employees.

“So it would be a mistake for management to do nothing, or to conclude their workers have no choices but to stay where they are,” Sims said.

Companies that are looking to engage workers and help them find a path to success in a company can use incentive compensation plans to move staff forward. A management team can use incentive compensation management as a way to encourage employees to take an active role in their career development.

By setting up sales competitions and a reward system, executives can motivate workers to move forward in their careers, both in salary and potentially through promotions. Incentive compensation software is a great tool for executives and workers alike and get help increase engagement as well as sales.

When using ICM software, an employee can log on to their account and soon will see targeted sales goals, how many units they have sold for the month or quarter and much more information that can give an employee a real sense of control over their career.

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Ballast Point Ventures

Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

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Harbert Management Corporation

Harbert Management Corporation seeks to generate superior returns for their investors by identifying and investing in the most promising early growth stage companies in the Southeastern U.S. HMC seeks to capitalize on what it believes are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, and an established entrepreneurial community. The HMC team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. With offices in Birmingham, Alabama; Richmond, Virginia; and Gainesville, Florida, it’s well positioned to partner with entrepreneurs throughout the Southeast.

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KBH Ventures

KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

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S3 Ventures

S3 Ventures is an early expansion and growth stage venture firm with $200 million under management. It’s focused on information technology solutions that solve large business problems. S3 also invests in medical devices that improve the human condition. S3 invests in category-defining opportunities. It partners with the team and help focus methodically on what it takes to build a successful company. S3 today helps talented entrepreneurs take their technology and market knowledge and form valuable businesses in a repeatable fashion. Investment sizes start at several million or more for Series A, B, and C financing.