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Incentive Compensation Management
Incentive compensation management (ICM) is a system that allows companies to manage their employees' pay. This can include setting up goals and objectives for employees and awarding bonuses or other forms of compensation based on how well they meet those goals. ICM helps businesses perform better by ensuring that employees are rewarded for their work.
What Small and Midsize Businesses Need to Know About Incentive Compensation Management
Companies can benefit from ICM because it creates a system where employees are directly rewarded for meeting specific goals. This can help improve morale within the company and lead to increased productivity. It also gives SMBs a way to attract and retain top talent since employees will know they can earn more money by working for a company that uses ICM. SMBs can use ICM to compete with larger businesses by offering better compensation packages.
Related terms
- Absence Management
- Furlough
- Onboarding
- Attrition
- Right to Work
- Employee Self-Service (ESS)
- Background Check
- Equity Theory
- Performance Management
- Diversity and Inclusion (D&I)
- Gamification
- Center of Excellence (COE)
- Succession Planning and Management
- Workforce Analytics
- Performance Improvement Plan (PIP)
- Employee Resource Group (ERG)
- Chief Human Resources Officer (CHRO)
- 9-Box Model
- Enterprise Applications
- People Analytics
