A properly designed and skillfully implemented incentive compensation plan is a powerful management tool. The goals of any incentive compensation plan should be to retain your current employees, to attract new employees and to reward employees for superior performance.
Incentive compensation is a huge investment. Engineering and Construction companies spend an average 15% of net profit before taxes, on these programs. The U.S. construction industry has an enormous opportunity to improve the effectiveness of current incentive compensation programs, especially because few construction companies use industry market data to ensure adequate incentives. However, it can be challenging to create an incentive plan that supports your strategic objectives, motivates attainment of stretch goals, provides desired returns and behaviors and yields results.
Bring your leadership team and join FMI’s Priya Kapila, as we set out to find what makes incentive compensation more effective in the eyes of top executives in the construction industry. Join us in order to:
- Recognize different types of incentive plans and analyze current compensation issues and trends
- Establish methods to link pay to performance, and how to implement the plan
- Discover commonly practiced issues that need to be addressed in order to improve the effectiveness of your program
- Determine how effective incentive compensation plans can attract and retain the best talent and increase your ROI
- Learn how to effectively balance the incentives to minimize unintended consequences
About the Speaker:
As the compensation practice leader with FMI Corporation, Priya is responsible for leading the compensation consulting practice of FMI Compensation. Services provided to clients are primarily focused on the areas of executive compensation, organization-wide salary structure development, and short-term and long-term incentive plan design.
This event is presented free of charge by Barnes Dennig, Frost Brown Todd, North Side Bank & Trust and USI Insurance. If your company has not directly received an invitation to this event, please contact us to see if you are eligible to attend. Attendees will be awarded 4.0 hours of CPE.