SERVICES
We base the staff incentive plan on the achievement of pre-established employer goals and individual or group/team goals.
The plan should serve as a guide influencing employee efforts toward specific achievements and performance expectations.
Performance Management
Executive Incentive Compensation
Executive Compensation Review
Organizational Diagnostic Review
Staff Incentive Plans
Other Services
Staff Incentive Plans
The staff incentive plan offered by The Watson Company is a short-term incentive compensation plan that complements employee's base salary. We base the plan on the achievement of pre-established bank goals and individual or group/team goals. The plan should serve as a guide influencing employee efforts toward specific achievements and performance expectations. Factors influencing design include administrative efficiency and implementation ease.
The Staff Incentive Plan will deliver
these benefits for your institution:
- A design for staff/employee rewards that positively impacts organizational success and establishes minimum thresholds for payout determination
- A way to reward employees for their contribution to organizational objectives, based on quantifiable measures
- Motivational impact to maximize accomplishment of objectives and to reward those with recognized contributions
- Attainment of higher bank performance levels, long-term profitability and growth
- Administrative guidelines that establish appropriate performance measures, and determine appropriate payout levels
- Program flexibility for future annual changes without threatening program integrity
Our approach includes the following steps:
- Plan, schedule and communicate project scope.
- Collect data, conduct research, documentation and analysis.
- Compare and analyze pay, determine distribution options.
- Develop staff incentive framework including measurement, rewards and payout level criteria.
- Establish administrative guidelines and authority over plan components.
- Develop a communication guide to inform employees and management on plan design and expectations.
- Assist management in their understanding of the plan concept, plan components, performance measures and awards. Clarify their individual responsibilities and accountabilities as it pertains to running the program without outside intervention.
- Present findings, conclusions and recommendations in a detailed written report. Prepare and present recommendations to senior management as necessary.