Maintain and Update Current Plans
Companies that have already put new plans into place—or were relatively satisfied with their old ones—predict that they will need only to make some alterations to adjust to future changes. Organizations with 1,800 to 6,999 people are the most likely to say their plans may need some updating in the coming months. “We are getting ready to review all of our sales compensation plans and try to get them consolidated into fewer plans as we gear up for growth,” said the senior compensation analyst at a 1,208-person retail firm in the Southwest.
A few organizations are in the middle of enacting change, such as one business services firm in the Northeast, at present employing 150 people. “We are currently working toward creating a firm wide compensation program. We are still in the investigative phase but expect to be completed by year-end,” said the vice president of human resources there.
Some are mulling over changes in theory but have no actual plans in the works … yet. Like so many other things, change depends on when and how the economy picks up steam. “We are actively considering a revamp of our incentive pro-gram to include non managerial individual contributors and use funding throughout the organization,” said the senior compensation analyst at a North-eastern business services firm with 2,300 employees. His company is also considering broad banding for the future.
