In a BLR webinar entitled ‘Incentive Pay: Best Practices for Designing and Managing Pay-for-Performance Plans’, Dan Kleinman described what incentive pay is and its associated challenges within your organization. He states that incentive pay is compensation that links pay to performance and the challenge is to create incentives for your employees to improve their performance by doing the following:
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- linking part or all of their pay to their achievement of specific goals on the job
- linking benefits and other rewards to their achievement of specific goals on the job
Dan Kleinman is the principal of Dan Kleinman Consulting, a California-based compensation and human resource consulting firm. For the past 18 years, he has served as an independent consultant for a broad spectrum of regional, national, and international companies, providing compensation, performance, organizational planning, and reward-system design services. He can be reached at info@dankleinmanconsulting.com.