CHAPEL HILL, N.C. , Jan. 9, 2015 /PRNewswire/ -- Compensation leaders across industry sectors are recognizing the value of appropriately structuring and implementing pay for performance annual bonus programs to reward top performing employees. Understanding how to effectively reward top performers is critical to staying healthy and competitive in today's marketplace.
According to a research study conducted by benchmarking firm, Best Practices, LLC, there are many incentives to utilizing a pay for performance system. Almost half of the participants in the study's large workforce segment said decreasing over-payments to low performers was a primary reason for using a pay for performance system.
The related report, "Driving Growth & Talent Retention through Pay for Performance," investigates how compensation organizations at leading global companies are rewarding top performers and retaining talent in today's environment of shrinking resources and increasing talent competition.
The study explores the following key areas:
- Annual Bonus Plan Metrics & Eligibility Strategy
- Global Annual Bonus Plan Uniformity
- Target Bonus Percentages by Job Level
- Minimum Bonus Percentage to Motivate
- Pay for Performance Drivers, Goals, & Program Components
- Implementation Metrics and Success Factors
- Communicating Pay for Performance Rollout
- Implementation Challenges and Pitfalls
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.
This study engaged 47 talent and compensation leaders from17 industries who provided both quantitative and qualitative data.
To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www3.best-in-class.com/rr1181.htm
For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website http:/www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
SOURCE Best Practices, LLC