When your bonus programs have outgrown spreadsheets, FlexComp Makes it Easy to Implement Accurate, Effective Incentive Programs. It’s time for FlexComp TM There's no doubt that performance-related pay motivates employees and keeps them better focused on achieving business goals. Whether you want to drive greater sales or profitability, ensure that deadlines are met, or improve specific behaviors, study aſter study demonstrates that clear goals, coupled with monetary rewards, is the answer. FlexComp, part of the purpose-built TalentComp HR platform by CWS Soſtware, is the most efficient way to implement these kinds of programs fairly and accurately. Best of all, this standalone compensation management system is intuitive to use and gives you complete flexibility in setting the criteria and measurement methods that work for you. TM TM
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When your bonus programs have outgrown spreadsheets,...When your bonus programs have outgrown spreadsheets, FlexComp Makes it Easy to Implement Accurate, Effective Incentive Programs.
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When your bonus programs have outgrown spreadsheets,
FlexComp Makes it Easy to Implement Accurate, Effective Incentive Programs.
It’s time for FlexCompTM
There's no doubt that performance-related pay motivates employees and keeps them better focused on achieving business goals. Whether you want to drive greater sales or profitability, ensure that deadlines are met, or improve specific behaviors, study after study demonstrates that clear goals, coupled with monetary rewards, is the answer.
FlexComp, part of the purpose-built TalentComp HR platform by CWS Software, is the most efficient way to implement these kinds of programs fairly and accurately. Best of all, this standalone compensation management system is intuitive to use and gives you complete flexibility in setting the criteria and measurement methods that work for you.
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The FlexComp™ Cycle
2
1. Develop Bonus Plans
A FlexComp cycle can be done annually, semi-annually, quarterly or monthly. But whatever the period, the same 6 steps are followed *:
The process begins with designing the Bonus Plans. For each
one, how will the weights of each component be distributed?
For example, 20% Corporate, 30% Divisional and 50%
Individual? Or maybe 100% Individual goals. How are you going
to score it? Do just enter a score, like 95%? Or maybe select it
from a dropdown list, like “did not achieve”, “achieved”,
“exceeded.” Or look it up in a table? Bonus Programs can have
predefined goals like “10% is based on achieving Company
Revenue goal of $12MM.” in which case everyone in that Bonus
Program will get that goal.
2. Enter Goals Upload a spreadsheet with each employee, who their manager is, what Bonus Program they are in and what their target bonus
amount is. The managers (and maybe the employees) log in, see the predefined goals and maybe enter some additional ones.
The program is so intuitive that no training is required. Administrators have full visibility into the process. They can drill down into
any manager or employee. They know who hasn't completed their tasks and can send reminders. Once goals are approved, they
become read only.
3. Record Noteworthy EventsThroughout the cycle, managers and employees can enter Noteworthy® comments such as “passed exam,” “closed a new
customer” or “late again ☹,” as well as upload attachments that might aid in scoring later. No chit chat here, please. Noteworthy
™ comments only.
4. Enter AchievementsWhen the period ends, managers input achievements, and FlexComp calculates payouts based upon the rules. Administrators
have full visibility into the process. They can drill down into any manager or employee. They know who hasn't completed their
tasks and can send reminders.
5. Communicate ResultsOnce final approval occurs, everything is made read only. FlexComp generates personalized comp statements for each employee
and a feed is sent to payroll.
6. Archive and ClearThe administrator then archives the results to the history file where it can be viewed and reported upon. The goals can then either
be cleared out or carried forward to the next period. The next cycle is ready to begin … time to develop the Bonus Plans for next
period!
* In some cases, not all steps are required. For example, Noteworthy events are not always entered.
TheFlexComp
Cycle
EnterAchievements
Communicate Results
RecordNoteworthy
Events
Enter Goals
DevelopBonusPlans
Archiveand Clear
The sky is the limit—you can develop as many distinct bonus programs as your divisions and positions require, each with an
unlimited number of weighted bonus components. FlexComp also makes it easy to prorate new employees' bonus amounts,
as well as calculate bonuses for anyone who has changed positions during the year.
For example, a typical bonus program might include components based on the company's performance, as well as the
employee's division and personal achievements.
FlexComp offers tremendous flexibility in how you score each goal. For example, you might score Company Performance
based on overall earnings in a lookup table.
Create Unlimited Bonus Programs
Sample Bonus Program
COMPONENT
Company Company Performance 20 % 110 %
Division Division Performance 50 % 105 %
SMART S.M.A.R.T. GOALS 30 % indiv
WEIGHT SCORE
50%
CompanyDivisionSMART
3
FROM TO PERCENTAGE
0 3.4MM 0 %
3.4MM 3.8MM 85%
3.8MM 4.2MM 100%
4.2MM 4.4MM 110%
4.4MM 10MM 120%
EDIT DELETE
Division Performance might be based on sales using an Excel formula, with no cap on bonuses for a truly spectacular year.
Individual Performance is often tied to whether an employee has met their own S.M.A.R.T. goals. You can input achievements