Compensation and Rewards

Building value in your team and loyalty with your customers

Faye has provided services across the complete spectrum of HR, including searches, developing our compensation program, and providing on-going counsel on policies and HR strategy.  She has consistently produced high quality work and is very knowledgeable about her field.  I have enjoyed working with Faye and would recommend her without hesitation.

Paul Hunt, President, Pricing Solutions Limited

Affinity Biologicals Inc. has had the good fortune of working with People Time and in particular, Faye Wales, for the past ten years. People Time has provided our company with objective, thoughtful and measured advice in times of growth and expansion with the creation of an employee “Pay for Performance Program”.

Patti Hoogendoorn, CFO, Afinity Biologicals Inc.

People Time experts, under the guidance of Faye Wales, have expertise in compensation structures, bonus plans and recognition programs. Their insights will help your organization overcome resistance and improve productivity. Happy, productive and engaged employees will win customer loyalty. Guaranteed.

A paycheque is only the beginning of proper compensation and motivation. Compensation programs make a statement of how you value your employees. Recognition programs can be as simple as saying thank you for a job well-done or involve bonus/reward plans. People Time experts can work with you to develop meaningful, realistic compensation and recognition programs that keep you competitive.

Compensation
To ensure that you are able to attract the best talent to your organization, and then keep them, you need to provide a fair level of compensation for the work performed. At the basic level, any organization with more than a handful of employees should have a compensation structure in place, no matter how simple in design. The presence of a structure will ensure equity among your employees and provide a forum for employees to understand the structure and where they fit within it.

Incentive Plans
In today’s economic times, when salary increases are normally in the low single-digits, the implementation of an incentive plan can be an effective method to recognize your high performers. However, before you go this route, you need to ensure your plan is properly set up, documented and communicated to your employees.

With an effective incentive plan developed by People Time, you will be one step closer to motivating employees toward specific performance targets and then rewarding their achievement.

Reward & Recognition Programs
People Time experts can help you either evaluate your existing reward and recognition programs or develop one for you based on our proven Framework for Success.
Listed below are the key considerations in ensuring the success of your recognition and rewards program:

A Framework for Success

  • A ‘thank you’ for past performance
  • Positively influences future performance
  • Employee knows what has to be accomplished
  • Employee has some control over the results
  • Evaluation of performance is objective
  • Supports company mission, values and strategic objectives
  • If financial reward, dollars must be available
  • Simple to understand
  • Easy to administer
  • Measure success of program

To learn more about how People Time understands the effectiveness of compensation, reward and recognition programs in retaining your high performing employees, download our FREE white paper: “Attracting and Retaining the Best Employees: Effective employee compensation and reward strategies.
Contact People Time to learn how to effectively reward and recognize your employees through effective compensation, incentive and recognition programs.

Share

Comments are closed.