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Iconixx Insights BlogIncentive Compensation Management

Increase employee engagement with incentive compensation plans

By August 2, 2013January 16th, 2023No Comments

A recent Gallup survey has found that an alarming number of American employees feel disconnected from their jobs. The State of the American Workplace reported that 70 percent of employees either intensely dislike or feel disengaged from their jobs. This level of disengagement is bad for business – when workers aren’t interested in their daily tasks, performance suffers and sales may fall. There are some solutions, though, and incentive compensation plans can help. If a supervisor is looking to boost office morale and engagement, they can initiate a sales competition with a financial reward as a bonus. This will motivate staff members to produce high-quality work, and with the possibility of a financial reward on the table, they are likely to improve performance. The Gallup study found that employees who were allowed to work from home were more actively engaged than their office-bound counterparts. Using ICM, a supervisor can offer options to work remotely, or use this as a reward for top salespeople. An executive can hold a monthly sales competition, and in addition to a financial incentive, those who meet their goals can also be rewarded with an allotment of several days they will be allowed to work from home over the coming month. Supervisors should make efforts to improve engagement levels, because the costs of not doing so are big: According to the survey, U.S. companies lose between $450 billion and $550 billion each year due to low productivity and absenteeism caused by disengagement.

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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 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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