Often seen as the focal point for leveraging performance, Bonus and Incentive Plans are now common features of many roles and even the public and not for profit sectors have started introducing new schemes.

In theory bonus and incentive plan design is simple – do X and get Y. In practice the process is a complex one. In addition to deciding what will be paid for and how much to pay, increased regulation, compliance, risk management and the need to treat customers fairly all play a part in the design. Even when these factors have all been taken into account, there is always scope for “unintended consequences” to occur post implementation and damage the intended outcomes.

Over the years Paul Bissell has designed and redesigned numerous schemes, from Executive Remuneration plans, to Bonus schemes in regulated and non-regulated environments. He can work with you to create plans which achieve business goals in the most appropriate way and avoid the common pitfalls.

Recognition

At Nationwide Building Society, Paul Bissell won awards for the “PRIDE” (organisational values) recognition scheme and can help your organisation create and structure a scheme that captures the imagination of employees and encourages them to go the extra yard. If you would like to know more about recognition, or you want to enhance your existing approach to recognition, then please contact us.

So often overlooked, recognition schemes represent a perfect low cost/high value way of recognising and reinforcing desired behaviours, your culture and business achievements.

From low/no cost elements such as “Thank You” cards and achievement certificates, through to more structured awards with a cash value, recognition schemes have been proven to be highly valued by employees.

Ultimately such schemes work best when the elements form part of a holistic approach. Any form of recognition, such as long service awards or staff suggestion scheme awards, can be combined with other types of recognition to form a coherent approach with greater employee appreciation. If such an approach has at its core the brand values, as well as the behavioural and cultural values of the business then it is likely to be even more successful.