Identifying progress areas for bonus schemes and any possible gap between the company strategy and the incentives being produced.
Our diagnosis are based on a method founded on two main areas:
Based on these analysis, the initial technical and strategic recommendations will lead in to the development of a new business requirements document.
Taking the necessary time and effort to define the guiding principles of the company’s incentive scheme, and transposing them into a precise business requirement document.
The challenge here is to guarantee alignment between your incentive compensation policy and your company’s strategic objectives. Linked to the conclusions drawn by the Diagnosis assessment, the definition of guidelines for your incentive policy constitutes the starting point for the design of any future incentive scheme.
The development of prototype bonus schemes follows naturally from a precise business requirement document.
It results in the establishment of payout scales, which are the concrete translation of the company’s compensation policy.
This step aims to build up incentive compensation schemes that work for every type of employee involved. Several variable pay prototypes are put forward based on the bill of specifications, in order to achieve the best possible balance between precision in the effects obtained and the need to administer and monitor the change.
During this phase, we offer clients the use of innovative calculation processes whose effects cannot be obtained using normal calculation engines for target bonuses, commissions or ranking bonuses.
All the bonus schemes offered take into account both the regulatory environment and applicable social legislation.
Together, we’ll create the full range of payout curves to be used in the scheme (adhering to your bonus budget and its level of flexibility, as well as differentiation and selectivity as defined during the choice of your incentive policy. The full range of necessary collective simulations are carried out to guarantee the strictest compliance with your initial bill of specifications.
The communication phase is an essential step in order to guarantee that your entire team is on board with the variable pay scheme. This process can take several forms: internal deployment documents, web communications, individual presentation tools, or manager’ training.
Putting your incentive compensation policy choices into perspective (in relation to your company’s key objectives) will help increase your teams’ level of involvement, as it gives the change greater meaning for your team.
Before deploying new incentive schemes, we provide a managerial training course in order to ensure that the administration of the scheme is not limited to explaining how it works, but rather taking the opportunity to frame the importance of the incentive compensation scheme as an integral part of the manager’s tool kit.
Primeum also provides support for your managerial team as they present incentive schemes during employee representative meetings, in order to ensure that employees are fully on board with the proposed changes and also to provide rapid simulations to aid in the decision-making process.
Through the creation of a simple and pedagogical documentation plan, we help our clients deploying their new bonus schemes to their beneficiaries. This communication is a key phase in the success of the project.
Through our Incentive Tracker software, we also give clients the option to communicate schemes and objectives upstream of the cycle to each beneficiary.
