Incentive Compensation in 360 degrees
Our expertise is founded on a unique wealth of expertise that integrates the full range of skills necessary to monitor the incentive process, from design to implementation.
Our diagnosis are based on a method founded on two main areas:
Based on these analysis, the initial technical and strategic recommendations will lead in to the development of a new business requirements document.
Because a well-designed device does not guarantee the quality of its implementation, the calculation process must be perfectly controlled.
The stakes are clear: calculate just and on time with the appropriate level of resources.
Our study of the computational process of bonuses follows three key steps: the definition of the current computational process with all its rules and specificities, its analysis with a necessary perspective and the resulting recommendations. Then, it will be possible to optimize and make more reliable the process of calculating and animating your bonuses.
To define these principles, a number of questions need to be answered:
Do we want to incentivise our team to reach a single goal, or also encourage them to achieve it in a certain way?
Are we aiming to reward participation to the overall result, or the realisation of an employee's potential ?
What level of differentiation we want between the employees ?
This step aims to build up incentive compensation schemes that work for every type of employee involved. Several variable pay prototypes are put forward based on the bill of specifications, in order to achieve the best possible balance between precision in the effects obtained and the need to administer and monitor the change
During this phase, we offer clients the use of innovative calculation processes whose effects cannot be obtained using normal calculation engines for target bonuses, commissions or ranking bonuses.
All the bonus schemes offered take into account both the regulatory environment and applicable social legislation.
Together, we’ll create the full range of payout curves to be used in the scheme (adhering to your bonus budget and its level of flexibility, as well as differentiation and selectivity as defined during the choice of your incentive policy. The full range of necessary collective simulations are carried out to guarantee the strictest compliance with your initial bill of specifications.
Putting your incentive compensation policy choices into perspective (in relation to your company’s key objectives) will help increase your teams’ level of involvement, as it gives the change greater meaning for your team.
Before deploying new incentive schemes, we provide a managerial training course in order to ensure that the administration of the scheme is not limited to explaining how it works, but rather taking the opportunity to frame the importance of the incentive compensation scheme as an integral part of the manager’s tool kit.
Primeum also provides support for your managerial team as they present incentive schemes during employee representative meetings, in order to ensure that employees are fully on board with the proposed changes and also to provide rapid simulations to aid in the decision-making process.
We have designed a dedicated solution for the calculation of targets, integrating the target algorithm used by the company itself.
Once the target has been set, the solution integrates a workflow tool allowing management to adjust and validate these targets.
Legislation regarding personal data is constantly being updated and reinforced.
We guarantee secure hosting and exchange of information in order to address this issue.
Our solutions allow you to managing your bonus scheme throughout the entire performance cycle.
Our tools enable you to automate your reporting needs for:
Because staying on top of budget constraints is our clients’ primary concern, we provide the tools that allow them to monitor their budget using software that is configured to match the bonus plans being deployed.
The principle of continuous improvement also applies to bonus schemes: that’s why we offer cyclical statistical updates in order to ensure that our initial configurations are producing the expected results, and that the necessary technical improvements have been rapidly implemented (along with any reorientations in your business requirement documents as the result of new developments in your company objectives).
Primeum valuable inputs and advices have been greatly appreciated along our strong partnership. Thanks to their high-level expertise and their combined ability to listen and challenge, PRIMEUM team assisted us to design simple and effective incentive plans aligned with the company's objectives.
We really appreciated their ability to explain clearly the stakes of the incentive plan to the managers. The training sessions have been a key success factor of the roll-out, along with the powerful and easy-to-use Incentive Compensation Management tools.
Their focus on incentive compensation topic is their strength as they are able to provide best practices from several business areas and a wide range of services from consulting to outsourcing.
The Primeum teams provided us with effective support during the restructuring of our incentive schemes for our sales teams. Their involvement in the quick integration of our strategic objectives allowed us to structure a variable pay policy that gave new impetus to our 500 sales force, with a major impact on their motivation levels and results.
The deployment was a success shared by our HR teams (who are now equipped with Primeum tools enabling them to calculate bonuses reliably) and the commercial management teams, who use the high-performance tool to operate the scheme.
I had the pleasure to work with Primeum several times for different companies. I really appreciated their high quality deliverables and the good discussions we had. They reasonably challenge the clients and provide relevant and easy to implement advices. The team is highly skilled and very responsive.
Taking advantage of contacts really dedicated to the project, I particularly appreciated the consideration of our corporate philosophy, the open and transparent criticism, the advice that ensued.
Pragmatism, serious listening, uncompromising dialogue, recommendations and support before, during, after.
Once the consulting mission is complete, few consulting firms are still there during implementation.
In order to respond as effectively as possible to the operational issues you encounter during the design and implementation of your incentive scheme, we have developed a range of Consulting solutions and service packages which can be tailored to your specific circumstances.