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BENEFITS OF DOCUMENT

  1. Ensure that compensation is based on performance and not tied to tenure or individual demand.
  2. Ensure that bonuses are earned when measurable benefits are realized by the firm.
  3. Promote performance and ongoing growth and development given opportunities for increased pay and promotion.

DOCUMENT DESCRIPTION

This reference provides specific guidelines for establishing measures to determine performance-based compensation and bonuses. Included are:

- Considerations for bonuses
- Non-performance of routine activities which impact pay increases and bonus amounts.

A sample compensation plan provides a low, median and high salary ranges that include specific requirements. Pay increases and bonuses are tied to criteria such as tasks and metrics, profitability, successful implementations, no overdue pending items, ensuring monies are invested in a timely fashion, etc. Additionally, items such as quality standards, client satisfaction and corrective actions are also included.

When team members contribute to the success of the firm, they feel ownership and are empowered to engage doing what is in the best interest of clients, coworkers and the organization.

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Source: FAS Performance-Based Comp & Bonuses Guidelines & Sample Plan document

This document can be purchased as part of a discount bundle:

Financial Advising Services (FAS) Performance Management Bundle View Details

This document is part of the following Business Toolkit:

FAS Performance Management View Details
 

FAS Performance-Based Comp & Bonuses Guidelines & Sample Plan

Sold by Karen Reitor, Communique Productions Inc (this author has 80 documents)

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This business document is categorized under the function(s): Organization, Change, & HR   Performance Management  

It applies to Financial Advising Services.

File Type: (7-page PDF Document)

File Size: 281 KB

Number of Tabs: 7

Purchase includes lifetime product updates. After your purchase, you will receive an email to download this document.

Initial upload date (first version): Mar 23, 2020
Most recent version published: Mar 24, 2020

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