Designing and Costing Motivational Rewards
We are in a unique landmark time. Many organizations are experiencing a collision of double digit downward spirals and reductions in workforce, while simultaneously attempting to retain valuable talent and renew employee engagement. Other organizations are seeking to attract unique new talent that that will be integral to their current survival and for their planned next chapter of growth. This unprecedented period of time requires creative and unconventional thinking in rewarding and recognizing employees for favorable performance results. Unusual combinations of rewards tied tightly to individual, team and organizational results is imperative for staying the course, building momentum for the future and creating a baseline of competitive advantage. “It is what we do in the down time that determines if there EVEN IS an uptime.” Labor cost IS king! Every dime must be strategically channeled and spent on the right things that will produce results.
PORTICO can help you to:
- Develop creative and cost effective base compensation increase guidelines that reflect the variables you value (e.g. pay for performance, cost of living, etc.)
- Operationalize pay for performance into your reward systems
- Design lump sum increase guidelines
- Cost simple and/or complex compensation increase guidelines – down to the penny - so you know exactly what your compensation programs will cost you – before you implement!
- Summarize and/or present compensation increase guidelines for leadership review
- Implement and communicate your annual compensation plans.
These unprecedented economic times call for creativity in the design of cost effective reward solutions. PORTICO will help you “channel the right rewards to right people at the right time, for the right reason”.
Reference: Quotes are by Victoria Fuehrer - PORTICO
