(PRWEB) April 14, 2007
A recent survey of compensation professionals indicates that 88 percent of managers and professionals receive incentive pay in their organizations. A Hay Group Compensation Survey Report (2005) found senior managers receive 25% to 92% of their total pay in the form of incentives as compared to employees in lower-level support positions (4%-5%). Executive pay has more than doubled in recent years primarily as a result of pay packages that emphasize a variety of incentive programs.
Incentive pay plans are defined as formula-driven pay plans designed to reward the accomplishment of specific results. Rewards usually are tied to expected results identified at the beginning of the performance cycle. The plans can be individual, group, companywide or a combination.
Under what conditions can incentive programs have positive consequences and how can organizations assure they achieve the desired result? Incentive Pay: Creating a Competitive Advantage by Dow Scott, Ph.D., Executive Editor, compiles best incentive pay practices using Â“real worldÂ” applications. Dow Scott, Ph.D, Jerry Colletti, Robert Heneman, Corey Rosen and other compensation experts share best practices in all areas of incentive pay programs.
Incentive Pay: Creating a Competitive Advantage by Dow Scott, Ph.D., Executive Editor,
WorldatWork Press 2007. ISBN: 978-1-57963-168-0. Member price: $24.95. Non-member price: $29.95. E-book member price: $22.95. E-book non-member price: $26.95.
The Total Rewards Association
WorldatWork (http://www.worldatwork.org) is an international association of human resources professionals focused on attracting, motivating and retaining employees. Founded in 1955, WorldatWork provides practitioners with knowledge leadership to effectively implement total rewards -- compensation, benefits, work-life, performance and recognition, development and career opportunities -- by connecting employee engagement to business performance. WorldatWork supports its 30,000 members and customers in 30 countries with thought leadership, education, publications, research and certification.
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