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Incentive Compensation Management

Boost employee engagement with the right tools

By February 22, 2018January 16th, 2023No Comments

Employee engagement is an urgent priority to 78 percent of business leaders, according to Deloitte. This is not hard to understand – engaged employees do better work for their companies, and are more likely to stay. In fact, according to Fast Company, engaged employees can improve all key performance indicators for a business.

Companies have tried countless solutions to improve employee engagement, from catered lunches to nap pods, but these attempts will often have a short-lived impact, or will not make an appreciable difference. This may be especially true in stressful professions like sales, where the employees might not have enough consistent downtime at work to use special amenities in the first place.

Treating people as individuals
It’s widely acknowledged in daily life that different people are motivated by different things – and this is equally true in the business world. Compensation is certainly important to workers, but feeling that it’s distributed with reasonable criteria is also vital, according to data from Towers Watson. Having performance-based pay can catapult a sales team’s performance, but if the reasons some people achieve bonuses aren’t clear, or the individual’s path to higher pay is murky, it may not make much of a difference.

A manager’s role
The best managers also know all about their own roles in employee engagement and retention. A well-paying job is wonderful, but a great manager can lift his or her team with other strategies. From encouraging personal development to creating clear expectations, a manager has a lot of responsibility to create a work environment that fosters engagement. Using big data can help managers get a handle on what their teams need as people and as a unit.

Individual goals for each worker
Workers also have various levels of performance, areas for improvement and personal bests in sales numbers. Using incentive compensation software that takes this into account can bring engagement to a human level, which is necessary if it is expected to work. Software that treats people as individuals can target the most valued forms of compensation for everyone, whether that’s more money, more days off or simply public shows of appreciation. It can also adapt to fit different needs, from the top performer who delights in topping his or her former records to the employee who needs a lot of motivation to get over a slump.

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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.

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.