Below is a sample of compensation technolgoy, including software screen shots of how to work the system.
Figure 1: Incentive plan models are selected to align with the position and the impact of the role within the organization. Artificial intelligence makes recommendations base upon job content consistent with other similar roles. This improves consistency in treatment and plan design across the organization.
Figure 2: Compensation plans are managed within their business unit to ensure that there is accurate roll-up of transactions for processing and calculation for individuals, teams, industry verticals and at the organizational level.
Figure 3: Employees should be able to go to their own personal incentive page and see how much they have earned in incentives or where they are relative to their targets. The ability to drill down and see incentive details and transactions is also very motivating.
Figure 4: Organizations spend considerable time and resources at the end of every performance period calculating incentive payouts versus quotas. Research shows that these often have an 8 – 10% error rate which is eliminated with the use of technology as there is no data entry.
Figure 5: The compensation portal page opens a direct communication channel to all employees, including those remote from the head office. This ensures clear and consistent delivery of compensation and performance information and also enables them to recognize top performers.
Figure 6: It is important that all employees sign for their objectives annually. This limits organization liability and ensures a clear understanding of objectives, measures and incentive earnings at target levels of performance. This is important for setting performance expectations and target total compensation.