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

Increase employee retention with competitive compensation plans

By May 8, 2013January 16th, 2023No Comments

Incentive compensation plans are an integral part of keeping core employees around, and retaining high-performing employees is essential to maintaining a business that thrives in any market. When staff members are in it for the long haul, companies can save time and money that would otherwise have been spent on turnover costs. The following are ways to keep the best and brightest around in any work environment. Offer a competitive plan People are always looking to make the most money they can in their chosen profession, and that could mean leaving one business for another that offers higher compensation. The Wall Street Journal reports that a competitive plan offers more than just money – it shows staff members that their livelihood is important to their employers. A good compensation plan will offer benefits such as health insurance, life insurance and retirement plans, in addition to competitive base pay. Compensation plans are the first step to maintaining a driven workforce filled with talented individuals. Incentive compensation is also a great way to reward employees, which will keep them around longer. Bonuses and commissions are always appreciated by team members, and motivate them to do their best work. The best compensation plans are based on factors individual to each company, and the process can be taxing. Utilizing incentive compensation software is a popular way to make the process easier and more beneficial to everyone involved. Promote from within One of the most effective ways to increase employee retention is by promoting from within. Providing workers with a clear advancement path will make them more likely to stick around. When employees see that they are appreciated and will have an opportunity to be promoted, they may feel encouraged to put out their best work in hopes for a promotion in the future.

Leave a Reply

Close Menu
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.