Skip to main content
AnalyticsIncentive Compensation ManagementSalary Planning and Merit IncreasesSales Performance Management

Bonus compensation management can benefit the entire workforce

By April 9, 2013June 11th, 2024No Comments

Sales compensation programs usually get the most hype when talking about employee performance bonus strategies. After all, sales is the engine behind business success and growth, and compensation programs are seen as integral vehicles to advancing employee motivations and engagement. However, what’s good for sales is good for the entire workforce, and businesses that don’t extend the same type of performance-based initiatives to other departments and areas of the company might not be getting all they can out of the entire staff. The first step to accomplishing this is establishing a compensation program that works for the entire office. The Houston Chronicle recommends that businesses first identify and allocate funds needed to power a compensation program, then develop a scoring system that takes into account different employee responsibilities and performance measurements. From there, firms can implement incentive compensation software to monitor general progress toward departmental and personal goals or check how well an employee is fulfilling his or her duties and if their performance warrants a merit increase. Employers also have a number of options regarding what performance bonuses they can offer workers. Choices range from rewarding employees with cash or added sick time or paid time off, to making other perks – like entertainment tickets, gym memberships and gift cards – and company shares available through performance bonuses. However, one cautionary tale employers may want to heed in regard to office-wide compensation programs is not giving the issue enough attention and only setting year-end bonuses. Such strategies often do not give businesses good results because they work against the core concept of performance bonus programs – consistent motivation achieved through varied initiatives – and don’t have as much of a lasting and measurable effect on employee behavior and performance.

Leave a Reply

×
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.

×
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.

×
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.

×
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.