Valuing and recognizing the company's top performers are critical factors to staying healthy and competitive in today's marketplace. In addition to other incentives, an annual bonus program provides companies with opportunities to financially reward employees for their contributions each year. However, smaller bonus pools, unfair distributions, misalignment of goals, complex global administration, and other obstacles can plague the integrity of the system, ultimately sending talent out the door.
Best Practices, LLC conducted this cross-industry study to investigate how compensation organizations at leading global companies are structuring and implementing pay for performance annual bonus programs to reward top performers and retain talent in today's environment of shrinking resources and increasing talent competition.
Savvy companies design, implement, and continuously evaluate a pay for performance compensation plan to reward top performers. By identifying drivers, measures of success, program elements, global differences, and implementation best practices, this study will highlight the must-haves of successful pay for performance bonus plans.
The report is based on the qualitative and quantitative insights of 47 compensation leaders from 17 different industries, with the greatest number in technology, health care and media. Best Practices, LLC conducted this cross-industry benchmarking study to identify drivers, measures of success, common program elements, global differences, and implementation best practices for successful pay for performance bonus plans.