Primeum has been developing its incentive compensation expertise for over 30 years. Our agency’s ambition is to propose clients with global incentive compensation focused solutions covering every phase of the process: diagnostics, bonus calculations, the implementation of working systems and their day to day management, thus proposing an increasingly strategic implementation for businesses seeking ever greater performance.
Right from the very start of our business, we have decided to provide pioneering technical solutions that respond to relevant human needs in order to propose the most suited answers to the problems faced by our clients. These involve motivating employees, whatever their position, to invest themselves to achieve the performances expected by the company.
To achieve this it is necessary to combine knowledge of the behavioural, managerial and social stakes with the technical, statistical and financial management techniques which will enable the harmonious steerage of an organisation’s wage structure modification project.
Primeum’s know-how resides in the application of a rigorous analytical method combining various domains of expertise allowing them to deal with all of the issues raised by incentive compensation.
We propose a 360° vision and a global approach:
- Technical diagnostic of the existing systems’ strengths and weaknesses
- Qualitative diagnostic: observation of the incitements generated
- Incentive compensation policy: definition of the specifications
- Implementation of innovative calculation processes (if necessary)
- Statistical financial simulations of budget availability trends
- Assistance in presenting the systems to staff representatives and preparing the required figures
- Communication support design assistance
- Quick-win diagnostics and consultations by post-deployment payment cycle
- Deployment of dedicated calculation solutions covering all of the operational complexities
- Deployment of accessible smartphone / tablet / PC presentation solutions
1) Analysis is the heart of our methodology
First of all, we take extra care in completing a diagnostic of the existing wage structure to get an idea of the issues that will be raised by implementing incentive compensation within the organisation. This quantitative and/or qualitative diagnostic will allow us to evaluate the effectiveness of the existing wage structures and identify their real impact on staff performance and motivation. This will also allow us to bring the company’s different decision makers into line regarding the importance of the changes to be made.
2) An incentive compensation policy that will match strategic priorities and serve to establish a specific list of requirements
Once the diagnostic has been made, we will establish a dedicated incentive compensation policy specifically designed to meet the company’s needs. The company’s strategic ambitions will be integrated into this compensation policy and become an integral part of the company’s development by supporting the achievement of its short, medium and long term growth or transformation objectives. This anticipatory phase will end with the production of a detailed specifications document detailing the incentives which must be generated by the systems over the next 2 to 3 years.
3) A technical design able to anticipate how the systems will function
The next phase of the project will involve designing clear and effective bonus system prototypes. Our experts will carefully translate the incentive compensation policy defined with the client into a series of incentive compensation plan prototypes.
These prototypes will be developed around 4 main pillars:
- The choice of performance indicators to be evaluated
- The choice of a performance period for the evaluation of each criterion
- The implementation of compensation scales and graphs for each criterion
- Budget simulations able to anticipate the costs of the newly implemented incentive compensation programs
4) A unique expertise to ensure that the deployment actually makes a difference
Once the new bonus schemes have been designed our staff will assist companies with the deployment. Our specialists are experienced in change management and will be able to support you through the various communication actions necessary to deploy these new systems by providing:
- Assistance in producing presentation supports for employee representatives and preparing requested simulations
- Bonus scheme communication kits for beneficiaries
- Incentive compensation appropriation training to enable your transition towards your new managerial and/or commercial business model.
5) Dedicated bonus and objective calculation software
Primeum proposes dedicated bonus and objective calculation tools for its clients.
- These tools can make the necessary calculations in a single click as well as monitor the whole process
- Commercial and HR data extraction with consolidation monitoring and format checks
- Data validation / correction workflow
- Management evaluation workflow
- Performance and bonus calculations
- Generation of reports for the various involved parties (beneficiaries, managers, HR management, Sales, Finances, etc.)
- Results validation and communication
- Tracking, history and compliance
Our experts will provide individual support to help you get started and learn to use the bonus calculation tools. We have been developing the quality of our customer service since we first set up the agency, so that we can help you to outsource your bonus calculations under the best possible conditions.
6) Take things further by presenting the systems using a dedicated innovative tool
A SaaS, Incentive Tracker, software application will help to manage the systems such that they are taken on board easily by your teams. Independently to their profile and function, each beneficiary will therefore be able to complete individual performance simulations to estimate their potential bonus.
This digital performance and bonus simulation tool is a potential source of motivation since it allows employees to anticipate their future earnings!
7) Effective monitoring for maximum performance
Finally, careful reporting is essential to effective incentive compensation management. We place a great deal of importance on monitoring the various incentive compensation efficiency performance indicators. In this way we can monitor and measure the results produced by your new incentive compensation system with precision. This dynamic monitoring allows us to demonstrate reactivity concerning any corrective actions necessary to guide the management of your incentive compensation towards your desired objective and ever greater efficiency.
Incentive compensation sits at the crossroads of various corporate issues
Sales management, human resources and employee rights: a multi-dimensional issue
Incentive compensation involves various different skills covering the different strategic issues; we are often called on to respond to more general HR issues such as the global compensation package.
Our experts use their experience to share good general or specific business sector practice for fixed-variable balance or the correct application of pay schemes such as profit-sharing or bonuses. We guide businesses as they adapt their payroll policies to suit market forces, HR strategy or employee habits.
We are also often called on to assist with the contractual implementation of incentive compensation plans and the impacts of the planned changes. Without completely overhauling your employment contract policy, we can share the good legal practices raised by our observations and related experiences.
The implementation of a new incentive compensation system regularly involves reconsidering the commercial management systems in place. Primeum business does not involve creating sales management tools.
However, when setting up and deploying our incentive compensation calculation and presentation tools we sometimes have to incorporate the available indicators, update frequency and data completeness. In this context we can assist you through careful exchange on the management of the commercial tool that will be used. Primeum supports companies through their reflections concerning the close relation between incentive compensation and sales management.
Integrated multi-disciplinary teams
Our multi-disciplinary teams are able to provide precise and complete responses to the problems faced by our clients thanks to their skills in mathematical and statistical modelling, project management, methodological construction and change management.
Specialist consultants are thus dedicated to implementing your new incentive compensation scheme right from the design stage, through change management and up to its final deployment. Our change management expert consultants work in close collaboration with the technical teams of project managers, specialised in data management and optimisation. Data images, data circulation process automation (2-way reporting), automated calculation, precise and regular report generation for all of the professions... These technical project managers participate directly in constantly improving the processes implemented for our clients in collaboration with our organisational strategy experts.
Our incentive compensation systems associate both psycho-sociological skills concerning the concepts of motivation and mobilisation, and statistical and mathematical skills regarding efficiency and budget management; this allows us to strengthen the proximity of our consultants and project managers with the operational teams and thus ensure the incitement effect that our clients need.
