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Incentive Compensation Management
Align Incentive Plans and Variable Compensation with Business Objectives
Incentives and variable compensation can be among the most important drivers of individual performance. By aligning rewards for individual activities with strategic objectives, incentive compensation management delivers significant strategic and financial value.
Managing complex incentives is extremely difficult. Integrating and processing large volumes of event-level data, ensuring accurate date-effectivity of compensation plans, managing the dispute process and allowing rapid plan updates at scale often limits opportunities to optimize the impact of incentive programs.
NICE Incentive Compensation Management enables organizations to optimize their incentive programs by automating processes and providing an end-to-end ability to create, manage and distribute all aspects of a commissions program.
NICE Incentive Compensation Management automates the process of commission, bonus, and incentive administration in support of any type of variable pay strategy, offering organizations calculation accuracy, reduced administrative costs, minimized compensation overspend, insight into effectiveness of variable pay spend, improved sales force motivation, and subsequently, customer and employee retention. NICE Incentive Compensation Management increases accountability while establishing a culture of continuous improvement.
The solution provides organizations:
- Greater calculation accuracy
- Reduced costs for managing incentives
- Improved sales force and service employee motivation and retention
- A pay-for-performance system which rewards employees for achieving targets that align with business strategy
NICE Incentive Compensation Management helps organizations optimize their incentive management processes:
- Accurate, timely payments to sales staff – critical for sales team motivation and retention
- Reduced risk of over-payment and shadow accounting
- Lower administrative costs in managing the compensation process
- Alignment of individual incentives with business objectives
Managing variable compensation across the enterprise:
NICE Incentive Compensation Management helps organizations optimize their variable compensation across the enterprise and provides dedicated solution for:
- Direct Sales organizations
- Partner sales organizations including insurance agents, telecommunications retail partners and independent financial advisors
- Pay for performance in a branch and retail environment
- Pay for performance in contact centers
NICE Incentive Compensation Management has at its core these best-in-class functionalities:
- Innovative calculator functionality that is powerful and easy to use; based on single-screen, Excel-like calculators
- Advanced analytics and capabilities for a wide range of intelligent adjustments
- Built-in quota management to generate reports on previous attainments against targets as well as make and assign comprehensive budgeting plans
- Extensive automated workflow capabilities to define payment disputes, plan approval, payroll integration and other workflows to reduce manual work, payout errors and provide detailed audit trails
- Flexible and efficient communication of plan changes, SPIFs, sales competitions and regulations
- Proven scalability for the largest, most complex operations (tens of thousands of payees and millions of events per day)
What solution are you interested in ?
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