This week on the podcast, Terry Barrett Joins Chris Elmore to discuss Performance Pay. This remains a controversial topic for most everyone in the trades mainly due to the uncertain nature of it. Many companies implement performance pay for any number of reasons, but mostly because of an issue they are having. Terry and Chris go through some of those and give you the guidelines they’ve seen work the best when it comes to performance pay.
Before implementing performance pay, ask yourself these questions:
What are you trying to accomplish?
What results do you expect from the position?
Can you provide the opportunities to hit the expected production and KPIs of the position?
What are you trying to manage?
What will you have to manage?
Here are the required elements of a great performance pay plan:
Before launching a performance pay plan:
Whichever performance pay plan you choose, be sure to answer the questions above and do your homework. Remember that its very sensitive when you change a person’s pay. Reach out to Chris or Terry if you have any questions.
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