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Incentive Compensation Management

Boost employee engagement with incentive compensation plans

By April 18, 2017June 11th, 2024No Comments

When employees are not engaged or interested in their work, it is reflected in their sales numbers and other performance indicators. One of the main reasons why employees feel disconnected from their job could be lack of recognition for their work, which could be solved with incentive compensation plans. To help improve employee engagement, business leaders can implement new policies to enhance worker satisfaction.

Communicate goals and benchmarks
Communication is important in every aspect of business. By clearly conveying the company’s goals and benchmarks for performance, employees are able to visualize the quality of work they are capable of. By setting key indicators and metrics using incentive compensation software, employers are automatically alerted to employee achievements. This automated software solution allows managers to encourage employees as soon as they hit a performance benchmark.

Improve worker flexibility
By allowing employees to work flexible hours or work from home where they feel comfortable, managers can help improve engagement. Through policies that integrate telecommuting policies, employers let their workers know they value their time and trust them to continue doing their job away from the office. As they situate themselves where they can be at their most productive, employees are able to complete their work more quickly while increasing their satisfaction as workers.

Encourage breaks
Not only can staring at computer screens and other electronic devices without breaks strain eyesight, this can also harm employee productivity. Encourage workers to take breaks away from their workspace and have managers establish a place where employees can relax. By spending time from their desks or projects, they can collect themselves and continue with their work in a much composed manner.

When companies want to galvanize their workforce, they can turn to incentive and compensation management software. This software can help maintain a motivated staff by automatically measuring performance data and alerting managers to their top employees.

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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.