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Rewards and recognition are a critical part of any overall compensation plan. But it's not always easy to know what kind of rewards and recognition programs are going to be most effective in your organization. Is a purely discretionary bonus program the right choice, or should you opt for a profit-sharing plan designed to engage employees in improving the organization? Should you choose traditional rewards and recognition programs like year-end cash bonuses, or go the unconventional route and use top office tech, free food and drinks and group outings as a way to reward top performers?
As if there weren't enough choices already, there's a new kind of rewards program that's beginning to get some notice. It's called viral pay, and the emphasis is on tapping in to the relationships between individuals.
Could a viral compensation plan work for your organization? To help us understand how these plans work, we're joined by Ann Bares. Ann is Managing Partner of Altura Consulting Group, LLC. She has over 20 years of experience in consulting in the areas of compensation and performance management. Through her consulting practice, Ann works with a wide range of client organizations in auditing, designing and implementing executive compensation plans, base salary structures, incentive compensation programs, sales compensation plans and performance management systems. She is a frequent speaker to industry and professional groups, and has authored numerous articles on the topics of compensation and performance management. Ann is the author of the blog Compensation Force and is the Editor of Compensation Cafe.