How to Design and Implement a Results-Oriented Variable Pay System
"Variable pay systems are widely used as alternatives to traditional compensation programs. Now a recognized expert offers a timely examination of variable pay basics, the latest trends, and creative options. Readers will discover how to:\ • gain a competitive advantage through variable pay plans\ • create or redesign a system to meet an organization's particular needs\ • evaluate traditional plans versus the three types of variable pay plans\ • organize and prepare a launch team\ • implement...
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Variable pay plans such as profit sharing, gain sharing, and goal sharing are on the rise. Such approaches make eminent sense in today's competitive environment for two compelling reasons: They link pay to organizational performance, and they support management efforts to create a high-involvement, team-oriented workplace. But yesterday's standardized approaches, such as the Scanlon Plan, do not always meet today's needs. Reflecting changes in overall business structure, variable pay design has evolved rapidly over the past few years - almost too rapidly for many human resources and compensation professionals to appreciate. In this state-of-the-art guide, compensation expert John G. Belcher, Jr., provides a 19-step process to assist any organization in the design of a contemporary, customized variable pay system. Booknews Sets out a 19-step process for designing and implementing a customized variable pay plan such as profit sharing, gainsharing, and goal sharing. Includes preparing the organization for the design process, evaluating and comparing various types and formulas, organizing a management-employee design team, establishing baselines and measurement tools, determining the frequency and methods of payouts, implementation, and assessment. Annotation c. Book News, Inc., Portland, OR (booknews.com)
List of FiguresList of Tables1Pay and the Competitive Environment12The First Steps173The Design Process374Selecting the Basic Formula Framework535Formula Variations816Multi-Tiered Plans and Small-Group Systems1037Selecting and Evaluating Measures1138Assigning Values to Gains or Goals1279Establishing Baselines and Modeling the System14910Sharing the Gains16911Playing Bonuses18112Completing the System Design20113Preparing for the Launch21114Lessons Learned225AppendixSuggestion Committee Procedures235Suggested Readings239Index243
\ BooknewsSets out a 19-step process for designing and implementing a customized variable pay plan such as profit sharing, gainsharing, and goal sharing. Includes preparing the organization for the design process, evaluating and comparing various types and formulas, organizing a management-employee design team, establishing baselines and measurement tools, determining the frequency and methods of payouts, implementation, and assessment. Annotation c. Book News, Inc., Portland, OR (booknews.com)\ \
