By John G. Belcher Jr.
Variable-pay platforms are widespread as possible choices to conventional reimbursement programmes. this article bargains an exam of variable-pay fundamentals, the most recent developments and inventive innovations.
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Extra resources for How to design & implement a results-oriented variable pay system
Information-sharing practices directly impact the employee's knowledge and understanding of the business and the competitive challenges. Uninformed employees cannot be expected to make decisions that are Page 6 in the best interests of the business. Furthermore, employees who lack information will misunderstand, and mistrust, management decisions that affect them. Appraisal systems define the employee characteristics or behaviors that are reinforced. If businesses fail to evaluate people on their ability to adapt to a participative environment and their willingness to work with a team, management should not expect them to concentrate on developing these attributes.
An individual who is one of thousands of employees cannot be expected to feel that he has any real impact on company profitability. Second, profitability is heavily impacted by forces that are totally out of the average employee's control. Pricing, raw material costs, product mix, inventory changes, even arcane accounting adjustments can overwhelm any performance improvements to which the employee may have contributed. The individual, in variable pay jargon, would be said in this situation to have a low line of sight.
This first decision is also one of the most important, for it will send a powerful message about the company's compensation philosophy and its commitment to a team-oriented culture. There often is an inclination to designate only the hourly or nonexempt employees as the participants in a variable pay plan. The focus of the organization's employee-involvement effort is typically on this segment of the workforce, and the incongruity of the traditional pay system is most apparent here. Management may even convince itself that it already has a pay-for-performance system, in the form of a merit increase program, for salaried employees.