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term incentive plan (LTIP or LTI plan) is a deferred compensation strategy to attract, reward and motivate your employees, while also helping your company to retain valued talent and grow. LTIP prevalence: 98% of public companies provide LTIPs while 63% of private companies offer LTIPs. ( Source: SHRM)
Incentive compensation management is the strategic use of incentives to drive better business outcomes and more closely align sales rep behavior with the organization's goals. Incentives can be structured in multiple ways, including straight commissions, bonuses, prizes, ?spiffs,? awards, and recognition.
An annual incentive plan outlines compensation to be paid to employees when they achieve certain performance-related goals over 12 months. This compensation is in addition to their regular salary ? it may be an employee gift, cash incentive, or another type of bonus or reward.
For example, a manager agrees to give everyone working on a certain marketing account a $500 bonus if they can complete all deliverables and get client approval by the end of the week.
A good example of a monetary incentive is a sales-based incentive. Sales-based incentive compensation is ideal for employees who are responsible for talking to customers and closing sales. Employers often structure these incentive plans as a percentage, like 5% of all the deals each sales rep closes.
An annual incentive plan is a plan for compensation that is earned and paid based upon the achievement of performance goals over a one-year period. These plans motivate performance and align executives' work with the company's short-term performance goals.
It involves paying the employee a percentage of the profit (s)he generates. This variable compensation model is used to reward an employee's contribution to overall earnings. Commission is rarely capped and sometimes has an accelerator, at which point the employee receives a higher percentage.
For example, the employer may offer health insurance, dental insurance, life insurance, short- and long-term disability insurance and vision insurance. Employee retirement plans, like 401(k) plans, are another common form of indirect compensation. Equity-based programs are another compensation offering.