Commissions And Bonuses
Incentives, bonuses, profit sharing and other incentive and remuneration programs are an opportunity to motivate the employees and aligned between company success and employee’s performance. It is an opportunity to consolidate a directlink between the organization’s performance and the activities of the employees and their desire to succeed, which is also translated into the actual payout.
In our experience, when you link between performance and a promising incentive, commission or bonus, you win a world of benefit – anything ranging from accomplishing the business goals, through increasing employee motivation, striking a better balance between fixed and variable pay and raising the employees’ satisfaction.
At Compvision, we support organizations, companies and executives in designing and creating incentives’ models to the employees and executive, which are specially tailored to the organization’s needs and goals.
why choose us?
Extensive experience: we bring to the table over a decade of experience in specifying precise, effective models which are simple to implement while at the same time being smart with an eye to what lies ahead. We are also experienced in improving existing models and applications in various organizations – all with tremendous success.
Supporting the entire execution process while attending to all the business levels: we support the process of improving the organizational performance through reviewing profitability, sales, efficiency and economy.
Support in implementing the models: we not only design and create the models with you and for you , we also assist in implemntation of the changes, building with you the messages and training the employees.
Specific customization to the needs of the company or the organization: we believe each organization has his own needs. Theplans need to be connected to the company’s culture, goals and vision which are different from one to another .
WHAT ARE OUR WORK STAGES?
- We begin by learning and reviewing the current situation within the organization focusing on the target population
- We design models and evaluate several alternative models based on the company’s compensation philosophy, the culture, the values and the business targets.
- We proceed to build details plans which includes the budget design , the measured components, the weights of each measurement and the payment schedule (the line between level of performance and remuneration).
- At insurance companies, banks and investment houses – we adapt the models to regulatory requirements.
- Running simulations to forecast the program’s outcomes.
- We assist in the implementation, assimilation, and dissemination of the message to the participants through explanatory presentations, Q&A, personal simulator, etc.
- Our team also assists in calculating the incentives and bonuses.
- We assimilate self-use tools in the organization, including performance reports and personal remuneration reports for the implementers of the program and for management, saving the data history for long-term monitoring etc.
THESE ARE OUR SOLUTIONS FOR CONSOLIDATING REMUNERATION PROGRAMS WHICH ARE BASED ON COMMISSIONS, BONUSES AND INCENTIVES:
- Specification and assimilation of performance-dependent remuneration and incentive programs for each level in the organization – from the production and service personnel through to the CEO and chairman of the Board.
- Models of remuneration in accordance with the corporate sector: sales, service, operation, production, development, staff and management etc.
- Accuracy simulations to examine the expected impacts of the remuneration program on the company’s activity.
- Monthly / quarterly / multi-year (long-term remuneration) remuneration programs.
- Tools for calculating incentives for self-use following the assimilation stage.
- Building index and target systems and linking them to the remuneration program.
- Personal remuneration programs and organization-wide programs.
- Analysis and improvement of existing programs.
WE PERFORM THE ENTIRE CREATION OF CALCULATIONS AND BUILDING OF THE MODELS WHILE PRESERVING DISCRETION, MEETING TIGHT SCHEDULES, METICULOUS DATA CONTROL AND TRANSFER OF THE RESULTS IN ANY DESIRED FORMAT TO THE RELEVANT ENTITIES WITHIN THE ORGANIZATION.
ALREADY GOT A REMUNERATION PROGRAM? WE CAN STILL HELP!
If you already have a remuneration program, you are already on the right track.
This means you have already covered a large proportion of the learning necessary for building a good program independently.
Many organizations have been running with existing plans for years without pausing to examine the results objectively and without checking whether the existing program serves the organization’s purposes.
We at Compvision also help companies operating remuneration, commission and bonus programs in analyzing the effectiveness of the existing programs, in presenting statistics and data based on the existing models and in advising on improving the existing programs and their accuracy.
this is how we build the system
Selection of the methodology for determining the indices and targets, such as BSC (Balanced Scorecard) or MBO (Management by Objectives).
Specifying a set of indicators (KPI’s – Key Performance Indicators) for each one of the measured organizational units and functions.
Specification of the success scale according to parameter set and reviewed by us.
All these processes together, re-adjusted anew for each organization or company, create a practice which yields exceptional results and progress toward the goals – time and time again.
BUILDING ORGANIZATIONAL INDEX AND TARGET SYSTEMS - THIS IS HOW YOU WILL EVALUATE THE RESULTS
Most companies have a clear business strategy and specific objectives related to the company’s overall business, but they do not always touch upon specific issues individually. Many companies find it hard to “lower the level” and derive indices and objectives for all the managers and units to fit in with the strategy, to advance the targets set and to link between the various departments within the organization.
At Compvision we offer a complementary process for building index and target systems for all units and managers within the organization and we link them to the bonus program. The models may be rigid or flexible as the customer chooses, they are adapted to the regulations applicable to the organization and to the guidelines given by the owners and Board of Directors.
Although an organizational set of indices is linked to the remuneration and incentive programs, it also serves as a management tool in its own right.