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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... »