Short & Long Term Incentive Programs
Short Term Incentive Plans (also known as STIPs) are an effective tool in attracting and retaining talent, as well as incentivizing employees to meet goals and improve year-round performance.
Long Term Incentive Plans (also known as LTIPs) are designed to improve long term employee performance, as well as retention, by rewarding (key) employees for meeting the company’s strategic goals and objectives. These incentives are usually provided in the form of stock-based compensation.
Our Compensation Team can assist your firm in defining, establishing and executing successful programs of this nature.
HOW WE DO IT:
The following is an outline of a typical client engagement, whereby OperationsInc will:
- Review present compensation tools in place, along with exploring other approaches to be considered including equity vehicles.
- Work with your firm to identify which role types within your organization are appropriately suited for each classification of incentives.
- Review the total reward package presently offered to each role type, or as needed, each individual employee identified.
- Review the current means of managing and documenting performance and performance factors, along with present tie-ins to compensation.
- Analyze market data using our compensation related tool and technologies, assessing those options and their possible inclusion in your environment.
- Communicate findings and recommendations to key stakeholders on possible plan designs, including projected valuation and associated cost impact, via a comprehensive written report.
Our team can also provide the following, as needed by your organization:
- Communication Plan for all those who will have short and long term incentives implemented or adjusted.
- Performance Management plan design and training designed to work in concert with the associated plans.
For more information about OperationsInc’s Short & Long Term Incentive Design Services, please contact us at info@OperationsInc.com or 800-307-5513.