Friends,
I am looking for various options for a Variable Pay Scheme linked to the performance of the company as a whole, the department/function, and the respective role holders. We intend to develop a scheme applicable to all employees with graded entitlements. If anyone in the manufacturing industry, especially in engineering, has such a scheme, please share the model while maintaining the value anchors and proportions (understanding that specific values may be confidential).
The matter is somewhat urgent, hence this post seeking help from fellow professionals.
Regards,
Sanjay
From United States, Lynchburg
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I am looking for various options for a Variable Pay Scheme linked to the performance of the company as a whole, the department/function, and the respective role holders. We intend to develop a scheme applicable to all employees with graded entitlements. If anyone in the manufacturing industry, especially in engineering, has such a scheme, please share the model while maintaining the value anchors and proportions (understanding that specific values may be confidential).
The matter is somewhat urgent, hence this post seeking help from fellow professionals.
Regards,
Sanjay
From United States, Lynchburg
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Dear Sanjay, Pl find attached the basics of VARIABLE PAY. I hope that from these basics u will prepare a attractive compensation breakup of fixed salary as well as variable salary.
From India, Gurgaon
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36From India, Gurgaon
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Hi Sanjay,
I am working in a manufacturing company. We have a variable pay component for all categories of employees.
For staff: It is quarterly performance-linked compensation (QPLC). The QPLC will be paid based on the results produced against the business goals and department goals. If you achieve the overall business goals but your department goals are not met, you will be eligible for 50% of the QPLC, or vice versa.
For workmen: It is a production incentive. Each department will be given targets for the month, and here also, 100% incentive will be paid only when individual targets and department targets are met.
With Regards,
Sidhu
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I am working in a manufacturing company. We have a variable pay component for all categories of employees.
For staff: It is quarterly performance-linked compensation (QPLC). The QPLC will be paid based on the results produced against the business goals and department goals. If you achieve the overall business goals but your department goals are not met, you will be eligible for 50% of the QPLC, or vice versa.
For workmen: It is a production incentive. Each department will be given targets for the month, and here also, 100% incentive will be paid only when individual targets and department targets are met.
With Regards,
Sidhu
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Variable Pay & Executive Compensation.pd f