If you would like to talk to a consultancy with brain, not brawn, please call us on +44 (0) 207 268 3664.
Currys
Our relationship with DSG International, formerly Dixons Group, has gone from strength to strength…
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Message Labs
How can pay and reward structures avoid strangling entrepreneurship and creativity in a fast-growing business? We supported MessageLabs in bringing their Reward and Performance Management strategy to life.
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Variable Pay
Base pay is a fixed cost to the business – it comes with the territory, but there are more exciting ways of spending your organisation’s pay pounds than on base pay. Variable pay covers bonus, performance pay and incentive programmes.
At Innecto we have developed some inspiring bonus plans over the last couple of years – using different philosophies we have developed bonus footprints which create a clear link between performance and rewards. One client’s new bonus scheme resulted in a 40% increase in their revenue. We have also designed innovative approaches to sales commission, developing a team based gainshare approach, where the whole team share in their own success.
Sales Incentive Plans
A sales incentive can be the biggest lever in directing and delivering profitable sales for the business. Key to developing an effective scheme is ensuring key metrics are identified – and then lucidly communicated to the team. Our perspective is simple; the most elegant design won’t be an effective tool for motivating your sales team unless they understand it, and it motivates them to success. We have experience in developing models from sophisticated to simple, but employees must know what they need to do, and how much their achievement is worth in their pocket.
Performance Pay
Performance Pay usually describes merit based base pay rises, which allow higher performing employees to earn more, and faster than their colleagues. Since the late 1980s, there has been an explosion of performance related pay progression systems. By 2004, CIPD reports that nearly 85% of respondents are using performance related pay systems. This large increase has been driven within the private sector by a growing acceptance of the link between improved performance and improved reward for individuals. So how can you develop an overarching system to reward employees fairly, and ensure your budget is directed towards to higher achievers?
Annual Bonus Plans
All employees are increasingly covered by their company’s annual bonus plan – it is no longer a preserve of senior management. But what does that 7.5% of your pay bill really bring you? Can you point to a clear link between your bonus plan and employees modifying their behaviour? Innecto has conducted a survey which shows that many HR Directors are not convinced that there is a clear link between what they spend on bonus, and the value they receive back.