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FAS Performance-Based Comp & Bonuses Guidelines & Sample Plan (PDF)
PDF (PDF) 7 Pages
BENEFITS OF DOCUMENT
- Ensure that compensation is based on performance and not tied to tenure or individual demand.
- Ensure that bonuses are earned when measurable benefits are realized by the firm.
- Promote performance and ongoing growth and development given opportunities for increased pay and promotion.
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: Best Practices in FAS Performance Management PDF: FAS Performance-Based Comp & Bonuses Guidelines & Sample Plan PDF (PDF) Document, Karen Reitor, Communique Productions Inc
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Financial Advising Services (FAS) Performance Management
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