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
A sale to private equity owners following the nationalisation of its parent, Royal Bank of Scotland (RBS), was the catalyst for a programme of reward and compensation change at WorldPay, a global leader in payment processing. This restructuring of reward for the 2,500-strong UK workforce was also driven by a perceived need to better align compensation with business performance, and to iron out inconsistencies in the previous grading structure.
This case study, researched and written by e-reward, focuses on two important aspects of the on-going restructuring programme at WorldPay:
CONTENTS
Executive summary
WorldPay’s reward journey since autumn 2010
Organisation profile
Who e-reward interviewed
Refining the “value account”
Pensions auto-enrolment
“Freedom” benefits
Benefit choices
Widening access to performance bonuses
Valuing reward
Boosting variable pay
Future prospects
Lessons learnt
Box 1: Key remuneration principles
Box 2: WorldPay “Freedom” flexible benefit programme: example benefits