incentive pay

How to Implement an Incentive Pay Scheme

How to Implement an Incentive Pay Scheme

There is no better universal motivator for employees than extra pay, and with a smart incentive pay system you can reap the productivity rewards in your business. Put simply, money talks. This article explains how you can implement a well-thought-out incentive pay system in your own business, including whether you should use cash or shares, and how to implement such a scheme. Read on to find out more. How do I set objectives for an incentive pay scheme? You should always have a goal in mind when designing an incentive pay scheme. When setting objectives, ask yourself: What results do I want to achieve? As with any business objective, your goals should be ‘SMART’ (specific, measurable, achievable, realistic, time-limited). Perhaps you might set a sales or revenue target, or try for improvem... »

Christmas parties less costly than firms think

According to the Association of Chartered Certified Accountants (ACCA), Businesses should not cancel their Christmas parties without working out the costs involved, as they can be cheaper than expected. Recent research from the Institute of Directors found that more than a quarter of businesses are cutting back on expenses this year, including paying for a Christmas party. However, ACCA head of taxation Chas Roy–Chowdhury said businesses can reduce the cost of parties by taking advantage of tax savings. He pointed out there will be no taxable benefit in kind for employees as long as costs are kept under £150 per head. “As long as parties are open to all staff, up to £150 can be spent on each employee that is tax deductible, with another £150 on each employee&r... »