Learn how compensation should be used to drive a competitive advantage in organisations. The right commission plan can help attract and retain top talent and it is the most critical factor in driving sales behaviours. It is important to look into the commission data across companies and industries to benchmark what the optimal pay mix should be in order to drive the right behaviours.
In this guide, you will discover:
:: How to use sales data to create a strong pay mix
:: Real-life examples of successful sales pay mix
:: Industry-specific pay mixes
Like all large organisations whose success depends on the quality of their staff, Lloyds TSB's approach to pay has changed over the years. Managing pay effectively means striking a balance between remaining competitive in the employment market, complying with equal pay principles and rewarding high performance. A number of reward initiatives are currently underway, designed to create a compelling offer that really helps reinforce core business goals.
This in-depth case study investigates how, during the past decade or so, Lloyds TSB has redefined the entire premise of how it rewards, recognises, recruits and retains employees. We explore:
how the bank used the opportunity presented by the merger between Lloyds Bank and TSB to rethink strategic reward in the two banks
the impact of the 1994 strategic vision on reward strategies and compensation practices and how they serve to reinforce the corporate strategy
the move towards local pay management and the development of new performance management and equal pay policies
the approach to total reward and why the group integrates financial and non-financial rewards
how the newly-launched flex package works and take up so far
the structure of the share incentive plan.
For more details see our review, published in the 'News' section of e-reward.co.uk, 11 March 2004.