Why and how do we reward great performance of our employees?

The employees’ performance is the most essential component in having an auspicious business. Also, employee assessment is acknowledged the most influential apparatus for guaranteeing a centered, captivated and likewise remarkably profitable workforce. Establishing a communication strategy is perhaps one of the most vital elements of any important organizational change. The communication strategy must cater for regular communication all through the implementation process.
To maximize the effectiveness and motivation of the sales force, we need to ensure first that every person in the sales force including sales executives, managers, employees and external agents and dealers clearly comprehend the targets irrespective of the complexity level. Then information in real time has to be provided on the actual performance verses the objectives. The next step in sales performance management is to show a transparent connection between performance and incentives. In order to measure the performance of individual employee objectively you need to identify the best employees. This is usually done by gaining timely insight into the performance of the employee.
Compensation management process involves:
• Identifying value of position and jobs, the data can be entered from job evaluation systems and salary surveys.
• Defining and grouping compensation components.
• Defining guidelines and eligibility rules and relating to the plans
• Budgeting the compensation management.
• Planning and designing compensation plans.
• Auditing and tracking approved incentives.
The implementation of performance management is done using various technologies. The system used must be able to keep compensation costs in accordance with the allocated budget.
Currently, many senior executives consider pay-for-performance as the most significant tools in reaching the company’s best financial results. Therefore, to effectively and easily implement a strong compensation for performance strategy:
• Improving employee retention as employees who do better than their peers will be rewarded accordingly and are more likely to continue with your company.
• Design the commission strategy using objective data and then communicate in the whole enterprise proving tie connection between compensation and performance expectations.
• Drastically reduce the human errors by managing your compensation in an environment with streamlined workflows in which the data is determined through calculation and eligibility engines thereby eliminating privacy violations and human calculation mistakes.
By rewarding high performance, you will be able to keep most of your top talents and be able to drive an organization performance that exceeds all expectations. In addition, you will have clear visibility into the performance of the individual employee when making decisions on his or her compensation.